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Moody's ups Altra
Moody's Investors Service said it upgraded Altra Industrial Motion Inc.'s corporate family rating and senior secured notes rating to B1 from B2.
The agency said it also upgraded the senior unsecured notes rating to B3 from Caa1 and affirmed the SGL-2 speculative-grade liquidity rating.
The outlook is stable.
The rating action reflects the significant improvement of Altra's operating performance and financial metrics in 2007 and Moody's expectation of a continuously robust financial profile in the near term.
Moody's noted that it recognized Altra's solid 2007 operating performance, illustrated by good organic growth and margins improvement, as well as the enhancement of debt protection measures, including a debt/EBITDA ratio well below 4 times and FCF/debt near 10%, which solidly position the company in the B1 rating category.
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