Moody’s upgrades GMP

Moody’s Investors Service said it upgraded GMP Borrower LLC’s corporate family and senior secured term loan ratings to B3 from Caa1. The agency also boosted the probability of default rating to B3-PD from Caa1-PD.

"The majority of the term loan debt at GMP Borrower LLC has been repaid such that it has little debt other than project finance term loans at two of its subsidiaries that are non-recourse to GMP," stated James Wilkins, a Moody's Vice President, in a press release. As of March 31, there was $23 million outstanding on the term loan.

"The company will be able to easily generate sufficient cash flow to service its debt at the parent company level, mitigating the risk of its very small scale and single asset concentration," Wilkins added.

The outlook is stable.

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