E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/9/2021 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

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.


© 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.