Moody's ups Synagro outlook to stable

Moody's Investors Service said it affirmed the Caa1 corporate family and probability of default ratings at Synagro Technologies, Inc. and revised the outlook to stable from negative.

In a related action, Moody's said it lowered Synagro's first-lien revolver and term loan to B3 from B2 and its second-lien term loan to Caa3 from Caa2 to reflect changes in the company's capital structure that increase Moody's expectation for the instruments' loss given default.

The company's Caa1 corporate family and probability of default ratings were affirmed, the agency added.

According to Moody's, the rating affirmation and change of outlook to stable reflects the company's recent financial performance and in particular the improvement in its credit metrics due in part to stronger revenues, margin expansion, and the repurchase of debt at a discount that has occurred in recent months.

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