Moody’s upgrades Kemet

Moody's Investors Service said it upgraded Kemet Corp.'s corporate family rating and senior secured term loan B to B1 from B3 and upgraded the probability of default rating to B1-PD from B3-PD.

The agency affirmed the speculative grade liquidity rating at SGL-2.

The outlook was revised to stable from positive.

Moody’s said the upgrade reflects the company’s largely completed integration of Tokin Corp., which has resulted in improved margins and leverage declining to about 2 times Moody's-adjusted debt to EBITDA.

The agency said the acquisition also diversified Kemet's product and customer base.

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