Moody's upgrades WernerCo

Moody's Investors Service said it upgraded Werner FinCo's (WernerCo) corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Moody's also raised the ratings on the company's senior secured term loan to B1 from B2 and senior unsecured notes to Caa1 from Caa2.

"The upgrade in WernerCo's CFR reflects Moody's expectation of better credit metrics in 2022," said Peter Doyle, a Moody's vice president, said in a press release. "However, WernerCo faces significant event risk as Triton Partners, having acquired WernerCo in mid-2017, could look to monetize its investment in WernerCo over the next 18 months."

Moody's said it forecasts adjusted debt to EBITDA of about 5.5x at year end 2022 versus 6x at June 30.

The outlook is stable.

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