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Moody’s upgrades Trader
Moody's Investors Service said it upgraded Trader Corp.'s corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD.
The agency also upgraded the senior secured first-lien term loan and revolver ratings to B1 from B2 and senior secured second-lien term loan rating to Caa1 from Caa2.
The outlook is stable.
"The upgrade reflects Trader's meaningfully reduced leverage (adjusted debt/EBITDA to 5.7x from 8.1x) since its 2016 buyout by Thoma Bravo, together with expectations that it will decline further in the next 12 to 18 months," Peter Adu, Moody's vice president and senior analyst, said in a news release.
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