Moody’s lifts Odyssey Logistics

Moody's Investors Service said it upgraded the ratings of Odyssey Logistics & Technology Corp., including the corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD.

The agency also upgraded the ratings on the second-lien senior secured term loan to Caa1 from Caa2.

Moody's affirmed the B1 ratings on the first-lien senior secured revolver and term loan.

The affirmation of first-lien debt reflects the sensitivity of ratings on first-lien debt to small changes in revolver borrowings and periodic minor changes in other debt liabilities, the agency noted.

The outlook is stable.

Moody’s said the upgrade recognizes Odyssey's recent topline and earnings growth and reflects expectations that favorable market conditions in transportation markets will continue for the balance of this year and into 2019.

© 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.