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Moody's upgrades BBB Industries
Moody's Investors Service said it upgraded the ratings of GC EOS Buyer, Inc. (BBB Industries), including the corporate family rating to B3 from Caa1, the probability of default rating to B3-PD from Caa1-PD, the first-lien secured rating to B3 from Caa1 and the second-lien secured rating to Caa2 from Caa3.
“The upgrades reflect Moody's expectation for stabilizing demand for BBB Industries' automotive replacement parts will support deleveraging efforts toward the low-6x debt/EBITDA range over the next 12 months. In addition, Moody's expects BBB to maintain an adequate liquidity profile supported by modestly positive free cash flow in 2021,” the agency said in a press release.
The outlook is stable.
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