Moody's changes Gopher view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed Gopher Resource, LLC’s ratings, including the Caa1 corporate family rating and senior secured debt rating, and Caa1-PD probability of default rating.

“The change in outlook to stable reflects Moody's expectation for credit metrics to improve steadily, driven by improved plant efficiencies and performance as well as a supportive automotive battery replacement cycle. With higher pricing and improved operating leverage at the facilities, Moody's anticipates a return to margin improvement and steady de-leveraging with stronger earnings pushing down adjusted debt-to-EBITDA below 7x into 2024. The stable outlook incorporates expectations for Gopher to maintain adequate liquidity over the next year,” the agency said in a press release.

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