Moody's eyes GlobalTranz for upgrade

Moody's Investors Service said it placed the ratings of GlobalTranz Enterprises, LLC on review for upgrade.

This action follows an announcement by GlobalTranz, that it will merge with SMB Shipping Logistics, LLC, which operates under the name WorldWide Express, LLC, the agency said. The ratings being placed under review include the Caa1 corporate family rating, the Caa1-PD probability of default rating and the B3 rating on the senior secured bank credit facilities. The outlook was revised to under review from negative.

“During the review process, Moody's will evaluate the proposed new debt structure of the combined companies, potential synergistic savings and restructuring charges that maybe necessary when combining complementary sized entities. At close it is expected that all outstanding debt at GlobalTranz and Worldwide will be repaid and at that time all ratings will be withdrawn,” Moody’s said in a press release.

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