Moody’s ups KBR first-lien facility

Moody's Investors Service said it upgraded the first-lien bank facility rating of KBR, Inc. to Ba3 from B1 and concurrently affirmed all ratings, including the B1 corporate family rating.

The outlook remains stable.

“The upgrade of the first-lien bank facility follows KBR's issuance of $350 million 2.5% convertible notes due 2023,” the agency said in a news release.

“The newly issued convertible notes, unsecured and structurally subordinated, would absorb much loss in a stress scenario, helping recovery prospects of the first-lien bank facility.”

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