Moody's ups Greenbrier to SGL-3

Moody's Investors Service said it raised the speculative-grade liquidity rating for the Greenbrier Cos., Inc. to SGL-3 from SGL-4.

At the same time, Moody's said it has affirmed the company's existing ratings, corporate family rating of Caa1.

Greenbrier's outlook is negative in consideration of the continued sluggish demand for new railcars and the company's need to address certain refinancing needs, the agency added.

Greenbrier's liquidity rating of SGL-3 reflects Moody's assessment is that the company maintains an adequate liquidity profile, supported by improving cash flow from operations and proceeds from a recent equity offering.

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