Moody’s upgrades Interior Logic

Moody's Investors Service said it upgraded Signal Parent, Inc.'s (Interior Logic Group) corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD. At the same time, the agency upgraded the ratings on the backed senior secured first-lien bank credit facility to B2 from Caa1 and the backed senior unsecured notes to Caa2 from Caa3.

“The upgrade reflects improvement in profitability, which is expected to maintain near current levels with growth in new single-family home construction and continued cost reduction initiatives. ILG's improved profitability, in addition to the full paydown of revolver borrowings, has driven a decline in leverage to 6.1x for the last 12 months ended Sept. 30, 2023,” Moody’s said in a statement.

The outlook is maintained at stable.

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