Moody’s changes Beaver-Visitec to stable

Moody's Investors Service said it changed the outlook of Beaver-Visitec International Holdings, Inc. (BVI) to stable from negative.

At the same time, the agency affirmed the company’s B3 corporate family rating, B3-PD probability of default rating and the B3 rating for its first-lien senior secured credit facilities.

"BVI's recent strong revenue and earnings growth has driven greater deleveraging than we had initially anticipated. Giving partial credit for certain cost initiatives, Moody's adjusted TTM debt-to-EBITDA has declined to 5.8x as of March 31, 2018 from 6.5x in April 2017. This positive operating momentum, coupled with our expectation for a successful ramp-up of the new Juarez facility, supports our view that financial risk will be well in line with the B3 rating category over the next 12 to 18 months," Joanna Zeng O'Brien, Moody's lead analyst for the company, said in a news release.

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