Moody's upgrades Drive Chassis

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of Drive Chassis Holdco, LLC (DCLI) to B2 from B3 and to B2-PD from B3-PD, respectively. Concurrently, Moody's upgraded the rating on DCLI's senior secured second-lien term loan to B3 from Caa1.

“The upgrade reflects Moody's expectation for good cash flow and improved scale over the next year while DCLI maintains debt/EBITDA around four times. It also reflects Moody's view that high demand for chassis will continue throughout 2022 as high container volumes and supply chain congestion persist,” the agency said in a press release.

The outlook is stable.

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