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Moody’s flips AVI-SPL view to positive
Moody’s Investors Service said it changed its outlook for A&V Holdings Midco, LLC (AVI-SPL) to positive from negative and affirmed the company’s senior secured first-lien credit facility ratings, including revolver and term loan at B3.
The agency concurrently gave B3 corporate family and B3-PD probability of default ratings to A&V Holdings Holdco, LLC, and for administrative purposes, withdrew the existing B3 CFR and B3-PD PDR from A&V Holdings Midco. Moody’s said it moved the ratings to A&V Holdings Holdco because it is the ultimate parent entity of the restricted group and the issuer of the audited financial statements.
“Moody's has revised AVI-SPL's outlook to positive from negative based on expectations of gradual improvement in liquidity over the next 12-15 months. This is due to solid bookings, easing of supply chain issues, and prudent cost management. Despite the prevailing macroeconomic uncertainty, including elongated sales cycles and an inflationary environment, AVI-SPL's project pipeline remains robust,” the agency said in a statement.
Moody's said it forecasts the company to post double-digit revenue and EBITDA growth over the next 12-18 months.
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