Moody's ups Ozburn-Hessey

Moody's Investors Service said it upgraded Ozburn-Hessey Holding Co., LLC's ratings, including its corporate family and probability of default ratings to B3 from Caa1 reflecting the meaningful improvement in operating results over the last year combined with the recent use of proceeds from the sale of its Turbo Logistics business to reduce debt.

The company's amended and extended revolving credit facility due 2015 was assigned a rating of Ba3.

The outlook is stable.

Net proceeds of $50 million from the sale of the Turbo Logistics business were used to pay down $25 million of borrowings under each of the company's first- and second-lien term loans.

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