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Moody's rates Amsted Industries notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to Amsted Industries Inc.'s new senior unsecured notes due 2027.
The proceeds will be used to repay the company's senior unsecured notes due 2022 and repay a portion of its term loan due 2024.
The Ba2 corporate family rating and the Ba2-PD probability of default rating are unchanged.
The outlook is stable.
The ratings reflect Amsted's leading market position in its core segments of railroad products and vehicular products, which results in attractive operating margins, Moody's said.
The company maintains moderate debt levels with its debt-to-EBITDA ratio expected to stay at less than 2x, the agency said.
The ratings also consider Amsted's sizable obligations under its Employees' Stock Ownership Plan (ESOP), which can vary from year to year due to the cyclical nature of Amsted's business, Moody's said.
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