Moody’s ups Greatbatch to B2

Moody's Investors Service said it upgraded Greatbatch Ltd.'s (wholly owned subsidiary of Integer Holdings Corp.) corporate family rating to B2 from B3 and speculative grade liquidity rating to SGL-2 from SGL-3.

The agency also confirmed the company's probability of default rating at B3-PD and the senior secured first-lien bank credit facility ratings at B2.

The action concludes the review for upgrade initiated on May 7.

Moody’s said the upgrade reflects meaningful improvement in financial leverage.

On July 2, Integer concluded the sale of its Advanced Surgical and Orthopedics (AS&O) product lines to MedPlast LLC for about $600 million in cash. Integer will use the proceeds primarily to prepay debt.

© 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.