Moody's ups Owens & Minor

Moody's Investors Service said it upgraded Owens & Minor, Inc.'s corporate family and probability of default ratings to Ba1 from Ba2, along with the rating on its $200 million of 6.35% unsecured notes to Ba1 (LGD 4. 54%) from Ba2 (LGD 4. 50%).

The outlook is stable.

The upgrades recognize the company's continued improvement in credit metrics and its conservative balance sheet management, Moody's said.

The company has shown its ability to grow revenues organically and improve EBITDA margins through business cycles via market share gains, improvements in productivity and expansion of its operating reach, the agency said.

In addition to organic growth, the company has augmented its presence in its end markets with a conservative acquisition strategy, Moody's added.

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