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Moody's upgrades Allison Transmission
Moody's Investors Service raised Allison Transmission, Inc.'s corporate family and probability of default ratings to B1 from B2.
The agency also said it raised the ratings of Allison's existing secured bank credit facilities to Ba3 from B1, and existing senior unsecured notes to B3 from Caa1.
That upgraded debt includes its senior secured revolving credit facility, existing senior secured term loan, senior unsecured 11% notes due 2015 and senior unsecured 7 1/8% notes due 2019.
The agency also assigned a Ba3 rating to the senior secured extended term loan facility.
The speculative-grade liquidity rating was affirmed at SGL-2.
The outlook is stable.
The upgrades recognize the company's stronger-than-expected operating performance in 2011 combined with the recent redemption of $200 million in senior unsecured notes, Moody's said.
These achievements have resulted in credit metrics that exceed previously established thresholds for the assigned rating, the agency said.
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