Moody's alters Husky III view to stable

Moody's Investors Service said it changed Husky III Holding Ltd.’s outlook to stable from negative and affirmed the B3 corporate family rating, its B3-PD probability of default rating and the Caa2 rating on the senior PIK toggle notes.

The agency also assigned a stable outlook and affirmed the Ba3 rating on Husky Injection Molding Systems Ltd.'s super priority revolving credit facility, the B2 rating on Husky IMS' secured term loan B and the Caa2 rating on Husky IMS' senior unsecured notes.

"The stabilization of the outlook reflects Moody's expectations that Husky III's strong order book will convert into higher revenue and cash flow in 2022. This will lead to leverage (gross debt/EBITDA) falling below 8x over the next 12 months," said Moody's analyst Dion Bate in a press release.

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