Moody’s gives Baa3 to Worthington notes

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to Worthington Industries, Inc.’s proposed offering of $200 million senior unsecured notes.

Proceeds will be used for general corporate purposes including the repayment of credit facility borrowings.

The agency affirmed Worthington's Baa3 senior unsecured ratings and maintained a stable outlook because the increase in outstanding debt from this transaction will result in credit metrics that are commensurate with the existing ratings and will enhance its liquidity position.

Moody’s said the Baa3 rating reflects the company's moderate leverage, ample interest coverage, consistent free cash flow generation and the diversity of its business segments and end markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.