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Moody’s ups Mueller Water, notes
Moody's Investors Service said it upgraded the ratings of Mueller Water Products, Inc., including its corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, $180 million 8¾% senior unsecured notes due 2020 to Ba3 from B1 and $365 million 7 3/8% senior subordinated notes due 2017 to B3 from Caa1.
The speculative-grade liquidity rating was affirmed at SGL-2 and the outlook continues to be stable.
Moody’s said the upgrade of the corporate family rating reflects continued improvement in credit metrics owing to conservative balance sheet management and elevated demand for the company's products and services. Moody's projects Mueller's debt to EBITDA to decline to around 3 times and interest coverage (EBITA/interest expense) to increase to close to 3 times by the end of 2015.
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