Moody’s ups DynCorp, facility, notes

Moody's Investors Service said it upgraded DynCorp International Inc.’s corporate family rating to B2 from B3, first-lien bank facility to Ba2 from Ba3 and second-lien notes to B2 from Caa1.

The outlook is stable.

Moody’s said the upgrade reflects backlog growth coupled with improved profitability under existing contracts that should continue over 2018-2019.

New win awards, extended task orders and scope expansion speak to DynCorp’s effective contract execution amidst a favorable business environment, with U.S. defense spending and range of U.S. mission support needs rising, the agency noted.

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