Moody’s ups Salient facility, view stable

Moody's Investors Service said it changed the outlook of Salient CRGT, Inc. to stable from negative and affirmed its B3 corporate family rating.

Concurrently, the agency upgraded the first-lien bank facility rating to B2 from B3, with the expectation that free cash flow will prepay first-lien term loan, reducing the senior secured claim within the corporate family's capital structure.

Moody’s said the outlook change follows revenue traction and booking progress that Salient achieved in the second half of 2017 and that the agency believes will continue. The outlook anticipates low-single-digit percentage revenue growth across 2018-2019 with annual EBITDA generation of around $70 million to $75 million, and free cash flow to debt in the 3%-5% range.

© 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.