Moody's eyes Henry Holdings for upgrade

Moody's Investors Service said it placed Henry Holdings, Inc.'s (operating as Henry Co.) ratings on review for upgrade, including the company's B2 corporate family rating and the B2 rating on the company's senior secured bank credit facility.

The review follows an announcement that Baa2-rated Carlisle Cos. Inc. will acquire Henry from affiliates of American Securities LLC in an all cash transaction valued at about $1.575 billion, the agency said.

“Moody's views the proposed transaction as credit positive for Henry, since Carlisle is higher rated, larger, with $4.2 billion in revenue, and better capitalized than Henry,” the agency said in a press release.

Moody’s said the review will focus on Henry's bank debt and the support Carlisle would provide to this bank debt.

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