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Moody's upgrades DynCorp
Moody's Investors Service said it upgraded DynCorp International LLC's corporate family and probability-of-default ratings to Ba3 from B1, the company's senior secured bank facilities to Baa3 (LGD2, 11%) from Ba1 (LGD2, 14%) and the company's senior subordinated notes to B1 (LGD4, 68%) from B2 (LGD5, 71%).
The company's speculative grade liquidity rating was affirmed at SGL-2.
The outlook was changed to stable from positive.
Moody's said the Ba3 corporate family rating reflects DynCorp's favorable competitive profile, reduced leverage, strong revenue growth, good cash flow and strong interest coverage metrics.
The rating is supported by the company's good liquidity profile as evidenced by the company's cash generation, strong cash position and revolver availability, the agency said.
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