New York, November 12, 2013 -- Moody's Investors Service assigned a first time B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR) for Internap Network Services Corporation ("Internap" or "the company"). Moody's also assigned B3 (LGD3-46%) ratings to the company's $350 million senior secured credit facilities which consist of a $300 million term loan due 2019 and $50 million revolver due 2018. The company plans to use the proceeds to refinance existing debt and to fund the $145 million acquisition of hosting provider iWeb. In addition, Moody's has assigned a Speculative Grade Liquidity rating of SGL-2, reflecting Internap's expected high cash balance and undrawn $50 million revolver at close which will more than cover the company's expected cash burn over the next 4 to 6 quarters. The ratings are contingent upon Moody's review of final documentation and no material change in the terms and conditions of the debt as advised to Moody's. The rating outlook is stable.

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