Moody’s ups Acuity Brands to Baa2

Moody's Investors Service said it upgraded the senior unsecured rating of Acuity Brands Lighting, Inc., whose obligations are guaranteed by Acuity Brands, Inc., to Baa2 from Baa3.

The outlook is stable.

Moody’s said the action recognizes Acuity's achievement of higher margins as it transitions toward higher volumes of LED lighting fixtures and controls. Furthermore, the agency anticipates Acuity's revenue will continue to expand across key North American markets for commercial and residential lighting applications as energy efficiency has increasingly become a consideration.

This will further strengthen the company's business and credit profile reflecting leading market share, attractive returns, modest leverage and healthy debt-service coverage, Moody’s said.

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