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Moody's lifts Heckmann
Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Heckmann Corp. to B2 from B3.
Moody's said the upgrades are based on the improved credit and business profile following the recently closed merger with Badlands Power Fuels LLC.
Moody's also raised the rating on the $250 million 9 7/8% senior unsecured notes due 2018 to B3 from Caa1 and affirmed the B3 rating on the $150 million 9 7/8% notes issued by Rough Rider Escrow Crop, Inc., which were assumed by Heckmann with close of the merger.
The speculative grade liquidity rating was raised to SGL2 from SGL3 indicating that liquidity is good.
The outlook is stable.
The ratings are consistent with Moody's expectations on Oct. 24, when the acquisition debt was rated, the agency said.
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