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Rating Action:

Moody's assigns Caa1 rating to Igloo Holding's proposed 2017 notes

13 Dec 2012

Approximately $2.5 billion of debt instruments affected

New York, December 13, 2012 -- Moody's Investors Service assigned a Caa1 rating to Igloo Holding Corporation's (Igloo) proposed $350 million senior unsecured and unguaranteed notes due 2017, and raised Interactive Data Corporation's (IDCO) senior unsecured note rating to B3 from Caa1. Moody's is also transferring the B2 Corporate Family Rating (CFR), B2 Probability of Default Rating (PDR) and SGL-2 speculative-grade liquidity rating from IDCO to its parent, Igloo, since Igloo is now the top level debt issuer within the organization. Moody's updated the loss given default assessments to reflect the revised debt structure. The rating outlook is stable.

The company plans to utilize the net proceeds from the proposed bond offering along with approximately $100 million of IDCO's cash to fund a $440 million distribution to equity and option holders including affiliates of Silver Lake Technology Management LLC and Warburg Pincus (the equity sponsors). The increase in debt is an aggressive credit negative move that raises the company's already high debt-to-EBITDA leverage to approximately 7.3x (LTM 9/30/12 incorporating Moody's standard adjustments and the proposed bond offering) and cash interest expense by approximately $30 million. Moody's is nevertheless maintaining the B2 CFR based on an expectation that Igloo will generate positive free cash flow and return leverage below 7x in 2014. Leverage is likely to remain high in 2013 as the company continues to fund investments in product development and technical infrastructure including the completion of its unified technology platform project. Moody's expects leverage to drop meaningfully in 2014 primarily due to low single digit revenue growth and cost savings and efficiencies generated from the company's various infrastructure investments.

Assignments:

..Issuer: Igloo Holdings Corporation

....Corporate Family Rating, Assigned B2

....Probability of Default Rating, Assigned B2

....Speculative Grade Liquidity Rating, Assigned SGL-2

....Senior Unsecured Regular Bond/Debenture, Assigned a Caa1, LGD6 - 93%

Upgrades:

..Issuer: Interactive Data Corporation

....Senior Unsecured Regular Bond/Debenture, Upgraded to B3, LGD5 - 76% from Caa1, LGD5 - 86%

LGD Updates:

..Issuer: Interactive Data Corporation

....Senior Secured Bank Credit Facility, Changed to LGD2 - 26% from LGD3 - 32% (no change to Ba3 rating)

Withdrawals:

..Issuer: Interactive Data Corporation

....Corporate Family Rating, Withdrawn, previously rated B2

....Probability of Default Rating, Withdrawn, previously rated B2

....Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-2

RATINGS RATIONALE

Igloo's B2 CFR reflects its good market position in fixed income evaluated pricing and reference data services for financial institutions, tempered by high debt-to-EBITDA leverage, and event risks related to acquisitions, cash distributions or other leveraging actions by the equity sponsors. Igloo's broad coverage of and evaluated pricing capabilities for a variety of securities, global data collection infrastructure, good customer and geographic diversity and a high percentage of recurring revenue contribute to its market position and good cash flow generation. The importance of the company's pricing and reference data content and services to daily net asset value calculations for a wide range of money management firms as well as limited exposure to primary market new issuance activity dampens the magnitude of cyclical revenue volatility notwithstanding that earnings of its primary customers are cyclical. Leverage is high, but projected to decline to a mid 6x range in 2014. A good liquidity position provides the company flexibility to manage efforts by its customer base to streamline costs due to pressures from an uncertain economic environment and increasing regulatory burdens.

Moody's is rating Igloo based on the company's disclosures in the offering memorandum including a representation that it has no material assets or liabilities other than as they relate to IDCO. In addition, Moody's expects to receive sufficient ongoing information relating to Igloo to monitor the company's financial position. Igloo's proposed notes are not guaranteed and are, therefore, structurally subordinated to IDCO's debt and liabilities. Payment of cash interest on the notes is subject to IDCO generating sufficient restricted payment (RP) capacity within its credit facility and unsecured notes to distribute funds to Igloo. Moody's expects enough RP capacity to fund cash interest, although Igloo has the option to pay interest in kind if IDCO's RP capacity is not sufficient to fund cash interest.

The proposed 2017 maturity is also prior to the maturity of IDCO's credit facility (February 2018) and senior unsecured notes (August 2018) As a result, IDCO would need to have enough RP capacity within its debt agreements to fund the maturity of Igloo's notes. Such RP capacity may not be sufficient to fund the maturity depending on the level of future earnings, acquisitions and equity holder distributions. However, Moody's believes the most likely outcome is a refinancing of the entire capital structure, potentially in conjunction with a sale of the company. A default on Igloo's notes at maturity would not trigger a default under IDCO's debt agreements.

Consistent with Moody's Loss Given Default Methodology, the upgrade of IDCO's senior unsecured notes reflects the new debt cushion provided by Igloo's notes. Igloo's structurally subordinated notes would absorb the first loss in the event of a default.

The SGL-2 speculative-grade liquidity rating reflects the company's good liquidity position supported by its cash (approximately $165 million as of 9/30/12 incorporating the proposed offering), marketable securities ($23.6 million held in foreign subsidiaries as of 9/30/12) and Moody's projection for approximately $60-70 million of free cash flow over the next 12 months. The undrawn $160 million revolver matures in July 2015 and provides additional liquidity support. There is no required term loan amortization over the next year as the March 2012 excess cash flow sweep pay down payment was applied to prepay amortization through March 2014. The proposed notes are not included in the leverage or interest coverage covenants in IDCO's credit agreement (although the $100 million cash distribution will reduce the cushion in the leverage covenant, which is based on debt net of cash), and Moody's projects IDCO will maintain an EBITDA cushion in excess of 25% within the financial maintenance covenants over the next year.

The stable rating outlook reflects Moody's expectation that IDCO will maintain a good liquidity position, generate modest revenue growth, and maintain positive free cash flow. Moody's anticipates Igloo will utilize free cash flow for modest debt reduction (via the excess cash flow sweep and required term loan amortization), reinvestment through organic development and modestly sized acquisitions and to create capacity for distributions to equity sponsors over time. Moody's expect Igloo's debt-to-EBITDA will decline to a mid 6x range in 2014 and that it will refrain from large debt financed acquisitions and shareholder distributions for the next 18-24 months.

Downward rating pressure could occur if Igloo is unable to reduce and maintain debt-to-EBITDA below 7x or if further debt financed acquisitions and shareholder distributions occur. A decline in earnings resulting from reduced client spending, client losses, or a prolonged economic downturn could pressure the rating. IDCO's ratings could also be downgraded if liquidity deteriorates.

IDCO could be positioned for an upgrade if it maintains a good liquidity position, generates consistent revenue growth and solid free cash flow, and demonstrates the willingness and ability to sustain debt-to-EBITDA leverage comfortably below 6.0x and free cash flow-to-debt above 5%.

Please see the credit opinion posted to www.moodys.com for additional information on IDCO's ratings.

IDCO's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (iii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside IDCO's core industry and believes IDCO's ratings are comparable to those of other issuers with similar credit risk. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Igloo, headquartered in Bedford, Massachusetts, is a provider of financial market data, analytics and related solutions to financial institutions and active traders, as well as software and service providers. Affiliates of Silver Lake Technology Management L.L.C. and Warburg Pincus LLC (the equity sponsors) acquired IDCO on July 29, 2010 for a purchase price of approximately $3.7 billion (including transaction fees and expenses). Revenue for the LTM ended September 2012 was approximately $880 million.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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John E. Puchalla
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

John Diaz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Caa1 rating to Igloo Holding's proposed 2017 notes
No Related Data.
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