Moody's raises Cooper's Hawk rating

Moody's Ratings said it upgraded the probability of default rating for Cooper's Hawk Intermediate Holding, LLC to Caa2-PD from Caa3-PD and affirmed all other ratings of Cooper's Hawk, including its Caa2 corporate family rating and Caa2 backed senior secured first-lien bank credit facilities ratings.

The upgrade mirrors the company's improved liquidity position lowering the default risk, the agency said.

Cooper's Hawk recently borrowed a $42 million add-on term loan with the proceeds used to repay outstanding revolving loans, add cash to its balance sheet and pay associated fees and expenses. The amendment also extended the maturity of its $35 million revolver by one year to October 2026.

“Overall, the add-on term loan and revolver extension are both credit positive as they improve liquidity, which should be sufficient to cover required cash flow needs over the coming year,” Moody’s said in a press release.

The outlook is stable.

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