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Moody's lifts AAC Group
Moody's Investors Service said it upgraded AAC Group Holding Corp.'s (AAC) corporate family rating to B1 from B2.
Moody's said it also upgraded American Achievement Corp.'s senior secured credit facilities to Ba3 from B1 and its senior subordinated notes to B2 from B3.
Moody's noted it also affirmed the Caa1 rating for AAC's senior discount notes, adding that the upgrade of the corporate family rating reflects material improvements in AAC's financial profile since it issued senior discount notes used to fund a distribution to shareholders in late 2004.
The outlook remains stable.
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