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Moody’s ups CHI Overhead, facility to B2
Moody's Investors Service said it upgraded CHI Overhead Doors, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and senior secured bank credit facility to B2 from B3.
The agency projects financial performance and resulting key debt credit metrics improving over next 12 to 18 months, warranting higher ratings.
The outlook is stable.
Moody’s said the upgrade results from its expectations of better debt credit metrics, due to the combination of higher revenues and resulting operating leverage.
The agency projects revenues estimating $435 million by late 2019, and resulting debt leverage approaching 3.8 times versus 4.7 times at March 31, 2018.
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