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Moody's ups Coach America outlook to stable
Moody's Investors Service said it has changed the outlook of Coach America Holdings, Inc. to stable from negative and affirmed all ratings, including the B3 corporate family and probability of default ratings.
The outlook change follows progress from Coach America's operational improvement plan, which should enable the company to achieve and maintain return and interest coverage metrics on par with the B3 rating level, the agency said.
Improvements in pricing, asset utilization, and leveraging of direct expenses have driven better financial performance, the agency noted.
The B3 corporate family rating affirmation reflects the company's small size, high leverage, and an expectation that surplus cash flow remaining after maintenance capital spending should be limited over the rating horizon, the agency said.
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