New York, October 15, 2013 -- Moody's Investors Service said that Spin Holdco's ratings are currently unaffected after announcing that its parent -- CSC ServiceWorks -- is acquiring Mac-Gray Corporation for $21.25 per share with an aggregate consideration of $524 million. Spin Holdco's B3 Corporate Family Rating and stable outlook are unaffected but the company's key credit metrics could weaken in the short run because of the size of the acquisition combined with potentially higher debt levels. Because of this, we view this event as short term credit negative. If the company is able to integrate Mac-Gray successfully, longer-term financial performance should benefit given the increased density of the combined businesses and resulting synergies thereof along with an industry know-how.

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