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Moody’s gives Trinity notes Ba1
Moody's Investors Service said it affirmed all debt ratings of Trinity Industries, Inc., including the Ba1 corporate family rating, and changed the outlook to positive from stable.
The agency also assigned a Ba1 (LGD4) rating to Trinity's new issue of $300 million of unsecured notes.
Proceeds will be used initially to bolster its cash reserves following the recent acquisition of Meyer Steel Structures for about $600 million, which Trinity funded from cash. Moody's anticipates that the company will continue to acquire additional manufacturing companies to broaden the product offerings in its construction products and energy equipment groups to help reduce the still high concentration of its highly cyclical rail manufacturing segment.
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