Moody's upgrades Atkore

Moody's Investors Service said it upgraded Atkore Inc.'s corporate family rating to Ba1 from Ba2, its probability of default rating to Ba1-PD from Ba2-PD and the rating on its $400 million senior unsecured notes to Ba2 from Ba3. The agency also raised the rating on Atkore International, Inc.’s senior secured term loan to Baa3 from Ba1. The ratings outlook was changed to stable from positive.

"The upgrade of Atkore's ratings reflects the significant improvement in the company's operating performance and credit metrics and the likelihood they will be sustained at a stronger level than the past due to its strengthened competitive position and focus on margin and productivity improvements, as well as its relatively conservative financial policies," said Michael Corelli, a Moody's senior vice president and lead analyst for Atkore Inc., in a press release.

The stable ratings outlook reflects an expectation that Atkore’s operating results will remain robust after June before materially weakening in fiscal 2023, but that its credit metrics will continue to support its rating, the agency said.

© 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.