Moody's boosts Sequa

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Sequa Corp. to B3 from Caa1 and the senior secured bank credit facility to B1 from B2.

The senior unsecured debt remained unchanged at the Caa2 level and the outlook remained positive, the agency noted.

The upgrade in the corporate family rating reflects the progress that the company has madeover the last several quarters reducing leverage on a Moody's-adjusted basis by almost two turns to below 6.5x, the agency stated.

This reduced level of leverage is more consistent with a B3 rating, and the agency said that it expects further gradual decreases.

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