Moody's raises Safe Fleet

Moody's Investors Service said it upgraded Safe Fleet Holdings LLC's corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD, the senior secured first-lien credit facilities ratings to B1 from B2 and the senior secured second-lien term loan rating to Caa1 from Caa2.

“The ratings upgrade reflects the company's strong and consistent track record of positive free cash flow and earnings growth that have resulted in a notable reduction in financial leverage over the past year. Moody's expects further improvement in credit metrics with adjusted debt to EBITDA approaching 6x in 2023-24 from the current levels of 6.6x at the end of March 2023. Moody's also forecasts that the company will maintain good liquidity, bolstered by over $30 million of annual free cash flow in 2023,” the agency said in a press release.

The outlook is stable

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