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Moody's upgrades Dayton Superior
Moody's Investors Service said it upgraded Dayton Superior Corp.'s corporate family and probability-of-default ratings to B3 from Caa1, $165 million 10¾% senior secured second-priority notes due 2008 to B2 (LGD3, 42%) from Caa1 (LGD3, 44%) and $155 million 13% senior subordinated notes due 2009 to Caa2 (LGD5, 84%) from Caa3 (LGD5, 85%).
The outlook is stable.
The agency said the ratings reflect Dayton Superior's improved debt burden following an initial public offering and the strong demand for the company's services from the commercial and infrastructure end markets.
The ratings also incorporate the company's continued weak cash flow generation, Moody's said.
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