Moody's ups Fortress Transportation

Moody's Investors Service said it upgraded Fortress Transportation & Infrastructure Investors LLC's corporate family rating and long-term senior unsecured rating to Ba3 from B1. Fortress’ outlook is stable.

“The ratings upgrade reflects substantial improvement in FTAI's financial performance as a result of profitable growth in the aviation leasing business segment and higher certainty that the Jefferson Terminal infrastructure project will become profitable this year. Moody's projects that FTAI's high debt-to-EBITDA leverage (6.1x as of last twelve months ended 30 September 2019 incorporating Moody's standard adjustments) will substantially reduce primarily through business growth,” Moody’s said in a press release.

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