Moody's upgrades Odyssey Logistics

Moody's Investors Service said it upgraded the ratings of Odyssey Logistics & Technology Corp., including the ratings on the company's first-lien senior secured debt to B1 from B2 and second-lien senior secured debt to Caa1 from Caa2.

“The rating upgrades reflect Moody's view that Odyssey's credit metrics will continue to improve through the remainder of 2022 and position the company to adequately withstand the cyclicality in its freight end markets. In particular, Moody's expects Odyssey to maintain debt/EBITDA around 4.5x and generate solid free cash flow over the next 12 months,” the agency said in a press release.

The outlook is stable.

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