Moody's upgrades Worthington

Moody's Investors Service said it upgraded Worthington Industries, Inc.'s senior unsecured rating to Baa2 from Baa3.

"The upgrade of Worthington's rating reflects its success in pursuing growth initiatives and shareholder returns, while maintaining relatively conservative financial policies. It also reflects the consistency of its joint venture dividends and its strengthened credit profile as the company used the windfall from its investment in Nikola Corp. to fund acquisitions, which have enhanced its scale, product diversity and long-term cash generating potential," said Michael Corelli, a Moody's senior vice president and lead analyst for Worthington, in a press release.

The outlook is stable.

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