Moody's lifts Columbus, rates notes B2

Moody's Investors Service said it upgraded Columbus International Inc.'s corporate family rating to B2 from B3.

The agency also upgraded the ratings on Columbus' $640 million senior secured notes due November 2014 and assigned a B2 rating to its new $1.25 billion senior unsecured notes due in 2021.

This action concludes the review for upgrade process started on March 19.

The outlook is stable. Upon the full redemption, the ratings on the existing notes will be withdrawn.

Moody's said the upgrade was prompted by the placement of Columbus' proposed $1.25 billion notes due in 2021 that will result in the elimination of the major liquidity concern caused by the company's aggressive management of its near-term debt maturities. Absent refinancing risk, the agency considers that Columbus credit profile is in line with a B2 rating category.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.