Moody’s ups One Call

Moody’s Investors Service said it upgraded One Call Corp.’s ratings, including its corporate family rating to B3 from Caa2 and its probability of default rating to B3-PD from Caa2-PD. Moody’s also affirmed One Call’s senior secured first-lien rating at B3.

Moody’s said it also upgraded the senior secured second-lien rating to Caa2 from Caa3 and the senior unsecured rating to Caa2 from Ca.

“The upgrade of the CFR reflects a material improvement in One Call’s liquidity and reduction in leverage following the recent completion of a recapitalization transaction that resulted in a reduction of debt of about $1 billion. While the company continues to face challenges to grow revenue and earnings, Moody’s expects that recent initiatives to reduce the cost base and improve customer service levels will help stabilize operating profitability and improve cash flow going forward,” said the agency in a press release.

Moody’s took this action after finishing its review started on Oct. 31.

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