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Moody's raises ABC Supply
Moody's Investors Service said it upgraded American Builders & Contractors Supply Co.’s (ABC Supply Co., Inc.) corporate family rating to Ba2 from B1 and probability of default rating to Ba2-PD from B1-PD. Moody's also upgraded the ratings on ABC's senior secured debt to Ba2 from B1 and its senior unsecured notes to B1 from B3.
“The upgrade of ABC's CFR to Ba2 from B1 reflects Moody's expectation that ABC will follow conservative financial policies, maintain adjusted debt-to-LTM EBITDA below 3x over the next two years and benefit from end-market dynamics that support growth,” the agency said in a press release.
The outlook is stable.
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