Moody's changes MRC Global view to stable

Moody's Investors Service said it changed MRC Global (US) Inc.'s outlook to stable from negative.

Simultaneously, Moody's affirmed all of MRC's ratings, including its B2 corporate family rating, B2-PD probability of default rating and the B3 rating on its senior secured term loan. Moody's also maintained the speculative grade liquidity rating of SGL-2.

"The change in MRC's outlook to stable reflects its aggressive cost cutting and liquidity strengthening initiatives along with its focus on diversifying its business away from a reliance on the oil & gas sector. These actions have enabled it to weather the severe oil & gas sector downturn while maintaining a good liquidity profile and credit metrics that are commensurate with its B2 corporate family rating," said Michael Corelli, a Moody's senior vice president and the lead analyst for MRC Global, in a press release.

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