Moody’s ups CNH Industrial debt

Moody’s Investors Service said it upgraded the senior unsecured ratings of CNH Industrial NV and CNH Industrial Finance Europe SA to Ba1 from Ba2, and the senior unsecured rating of CNH Industrial Finance North America, Inc. to provisional Ba1 from provisional Ba2.

The agency also affirmed the Ba1 corporate family rating of CNHI, the Ba1 senior unsecured rating of CNH Industrial Capital LLC and the SGL-3 speculative grade liquidity rating of CNHI.

The outlook was changed to positive from stable.

“The upgrades of the senior unsecured debt of CNHI, CNHIF Europe and CNHIF NA recognize the repayment of debt at CNHI's U.S. operating companies and the progress evident in strengthening the capital structure,” Moody’s said in a news release.

“These factors reduce the structural subordination of the CNHI, CHNIF Europe and CNHIF NA debt.”

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