Moody’s upgrades Gates Global

Moody's Investors Service said it upgraded Gates Global LLC’s ratings, including the senior unsecured notes to Caa1 from Caa2, the senior secured credit facilities to B1 from B2 and the corporate family rating and probability of default rating to B2 and B2-PD from B3 and B3-PD, respectively.

The agency said it also assigned a speculative grade liquidity rating of SGL-2, denoting good liquidity.

The outlook is stable.

Moody’s said the upgrade is driven by the meaningful debt reduction of about $808 million (about 20% of the total debt) expected from about $658 million in proceeds from the company's initial public offering and $150 million in cash from Gates.

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