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Moody's boosts Versacold
Moody's Investors Service said it upgraded Versacold International Corp.'s corporate family rating to B3 from Caa2, its probability-of-default rating to Caa1 from Caa3, its first-lien senior secured rating to Ba3 (LGD2, 11%) from B2 (LGD2, 15%) and its second-lien senior secured rating to B3 (LGD3, 43%) from Caa3 (LGD4, 50%).
The action reflects Versacold's plans to sell the majority of its assets to Americold Realty Trust and used proceeds to repay all of its debt, according to Moody's.
The outlook is developing.
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