Rating Action: Moody's upgrades NAPA's CFR to B2, assigns B2 rating to the proposed term loan, outlook stableGlobal Credit Research - 04 Feb 2022New York, February 04, 2022 -- Moody's Investors Service ("Moody's") upgraded NAPA Management Services Corporation's ("NAPA") Corporate Family Rating (CFR) to B2 from Caa1 and Probability of Default Rating (PDR) to B2-PD from Caa1-PD. Moody's also assigned B2 ratings to the proposed $610 million new senior secured term loan and $80 million revolver. The outlook is stable.In the proposed transaction, NAPA will use the proceeds from the new $610 million 1st lien term loan due 2029 to fully pay off all its existing debt (approximately $555 million), contribute approximately $40 million to balance sheet cash and cover transaction fees.