Moody’s ups Canyon Valor SGL

Moody's Investors Service said it affirmed Canyon Valor Cos., Inc.'s B2 corporate family rating, B2-PD probability of default rating and the B2 ratings on the company's existing first-lien credit facilities.

Concurrently, Moody's upgraded the company's speculative grade liquidity rating from SGL-2 to SGL-1, principally reflecting improving free cash flow generation over the past year.

The outlook remains positive.

“Canyon Valor's B2 corporate family rating is constrained by the company's high LTM debt leverage of nearly 5x (Moody's adjusted, 5.4x when expensing capitalized software costs) as of March 31, 2019 as well as cyclicality risk associated with the issuer's concentrated vertical market focus as a provider of software and related services to communications professionals globally,” the agency said in a news release.

© 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.