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Moody’s ups DJO to SGL-2, view to positive
Moody's Investors Service said it revised the outlook of DJO Finance LLC to positive from stable and upgraded its speculative grade liquidity rating to SGL-2 from SGL-3.
All other ratings were affirmed, including the Caa1 corporate family rating.
"The revision in rating outlook to positive reflects Moody's expectations DJO's earnings will continue to improve as its business transformation initiatives reduce its cost structure," Moody's senior vice president Scott Tuhy said in a news release.
Moody’s said the upgrade of the speculative grade liquidity rating reflects its expectation that the company's free cash flow will improve meaningfully over the next year as earnings grow and cash restructuring costs decline. The upgrade also reflects the agency’s expectation that DJO will have improving availability under its revolving credit facility over the next 12 months.
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