Moody’s raises Golden State Buyer

Moody’s Investors Service said it upgraded the ratings of Golden State Buyer, Inc. (borrowing entity of Golden State Medical Supply, Inc.), including the corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD, the first-lien senior secured term loan and revolver to B1 from B2 and the second-lien senior secured term loan to Caa1 from Caa2.

“The ratings upgrade reflects Golden State’s improving credit profile supported by Moody’s expectation that Golden State will maintain debt/EBITDA below 6x through 2021 with good free cash flow. EBITDA growth since the time of its leveraged buyout in June 2019 is driving debt/EBITDA down,” Moody’s said in a press release.

The outlook is stable.

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