Moody's Investors Service has assigned a first-time B3 corporate family rating (CFR) to Oravel Stays Private Limited, popularly known as the hospitality chain Oyo. Moody’s CFRs are opinions of a corporate family’s ability to honor all of its financial obligations. The bond credit rating firm also assigned a B3 rating to the senior secured term loan to be issued by Oravel Stays Singapore Pte. Ltd, Oyo's wholly owned subsidiary. The proposed loan will be guaranteed by Oyo and many of its units, it said in a note on Thursday. Bloomberg reported Thursday that India’s Oyo is looking to raise $600 million in debt to bolster its finances, citing sources. This comes after the second wave of Covid-19 in India affected travel demand and hurt the company’s recovery effort, Bloomberg added. The loan issuer will be Oyo’s Singapore entity.