Moody’s: Great Lakes Dredge view to positive

Moody's Investors Service said it changed Great Lakes Dredge & Dock Corp.’s outlook to positive from stable due to the company's expected continued improvement in operating performance and financial leverage stemming from its re-focus on its core dredging and environmental remediation businesses post the sale of its loss generating demolition business in April 2014.

In addition, the agency said, the expectation of a moderate improvement in EBITDA margins over the intermediate term as the company executes on its current backlog and generates future business from current bidding activity also underlie the outlook change.

Great Lakes' corporate family and probability of default ratings were affirmed at B3 and B3-PD, respectively. Concurrently, Moody's affirmed the rating on the company's unsecured notes due 2019 at Caa1. Great Lakes' speculative grade liquidity rating was affirmed at SGL-3, reflecting an adequate liquidity profile.

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