Moody's rates McJunkin loan B2

Moody's Investors Service said it upgraded McJunkin Red Man Corp.'s corporate family and probability of default ratings to B1 from B2 and assigned a speculative grade liquidity rating of SGL-2.

The agency also assigned a B2 rating to the company's proposed $750 million term loan B. The outlook is stable.

Moody's said the upgrade is based on its expectation that the company's credit metrics are likely to continue to improve in the near term. This will be supported by significantly reduced interest expense related to the company's refinancing initiatives and stable or improved operating results, the agency said.

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