Moody's: Great Lakes Dredge liquidity SGL-2

Moody's Investors Service said it assigned Great Lakes Dredge & Dock Corp. a first-time speculative grade liquidity rating of SGL-2, reflecting a good liquidity profile.

Concurrently, all of Great Lakes' ratings, including the B2 corporate family rating, were affirmed. The stable outlook remains unchanged.

Moody's said Great Lakes' good liquidity profile is supported by a largely undrawn unsecured five-year revolving credit facility put in place in early June and healthy cash balances.

Furthermore, the agency said the SGL-2 rating anticipates a moderate improvement in free cash flow generation and ample covenant headroom over the next four quarters.

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