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Moody's ups American Pacific
Moody's Investors Service said it upgraded American Pacific Corp.'s speculative-grade liquidity rating to SGL-3 from SGL-4, along with the rating on its $110 million guaranteed senior unsecured notes due 2015 to B3 (LGD 4, 58%) from B3 (LGD 4, 57%).
The agency also said it affirmed its B2 corporate family and probability of default ratings.
The change reflects expectations that the company will have adequate liquidity over the next 12 to 18 months, Moody's said.
The ratings also consider its modest positive free cash flow in its 2012 fiscal year, the agency said.
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