Moody's upgrades Welbilt

Moody's Investors Service said it upgraded Welbilt, Inc.’s ratings, including the corporate family rating to B3 from Caa1 and the probability of default rating to B3-PD from Caa1-PD. Moody's also upgraded the ratings on the company's senior secured credit facilities to B2 from B3 and senior unsecured notes to Caa2 from Caa3.

The agency also changed the outlook to positive from stable and raised the speculative grade liquidity rating to SGL-3 from SGL-4 denoting adequate liquidity.

“The upgrade and outlook change reflect the improvement of the company's end markets and expectations for the restaurant and hospitality industries to continue their equipment spend at levels approaching those seen in 2019. The upgrade also reflects the company's progress on operational efficiencies, cost reductions and Moody's expectation that the improved performance will create greater covenant cushion, which had previously been a concern for potential breach,” Moody’s said in a press release.

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