Moody’s lifts Carpenter Technology

Moody's Investors Service said it upgraded Carpenter Technology Corp.'s corporate family rating and probability of default rating to Ba1 and Ba1-PD respectively from Ba2 and Ba2-PD respectively.

The senior unsecured rating was upgraded to Ba1 from Ba2.

The speculative grade liquidity rating was affirmed at SGL-2.

“The ratings upgrade acknowledges CarTech's improved operating profile and financial condition resulting from strengthened demand across key end product segments, enhanced operational and productivity focus, customer solutions focused approach and reduction in absolute debt levels,” Carol Cowan, Moody's senior vice president and lead analyst for the company, said in a news release.

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