Moody’s upgrades Crosby

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of Crosby US Acquisition Corp. to Caa1 from Caa2 and to Caa1-PD from Caa2-PD, respectively.

The agency also upgraded the rating on the senior secured second-lien debt to Caa3 from Ca and affirmed the rating on the senior secured first-lien credit facilities at Caa1.

The outlook was changed to positive from stable.

Moody’s said the upgrade is driven by the sustained improvement in operating performance that Moody's expects will continue over the next year, based on positive order trends and favorable fundamentals in a majority of the company's end markets.

“Good order trends in the industrial manufacturing and construction end markets, including for heavy duty cranes, and a rising rig count that is boosting orders in Crosby's land-based oil and gas markets are driving improving operating performance,” the agency said in a news release.

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