Moody's upgrades Wencor

Moody's Investors Service said it upgraded the ratings of Jazz Acquisition, Inc. (Wencor), including the corporate family rating to Caa1 from Caa2 and probability of default rating to Caa1-PD from Caa2-PD.

Concurrently, Moody's upgraded ratings for the company's senior secured first-lien credit facilities to B3 from Caa1 and the senior secured second-lien term loan to Caa3 from Ca. Moody's also changed the company's ratings outlook to stable from negative.

“The upgrades reflect Moody's expectations of more stable operating performance along with a gradual, albeit modest, improvement in sales and earnings beginning in the second half of 2021. The upgrades also reflect Moody's expectations that liquidity will remain adequate. Moody's anticipates modestly positive free cash flow that will preserve the company's current cash balance and that any revolver borrowings will be limited to small bolt-on acquisitions,” the agency said in a press release.

The stable outlook reflects a forecast of adequate liquidity and modest sales and earnings growth in the second half of 2021, Moody’s said.

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