Moody's upgrades Justrite

Moody's Investors Service said it upgraded Justrite Safety Group’s (JSG II, Inc.) corporate family rating to B3 from Caa1, the probability of default rating to B3-PD from Caa1-PD and the senior secured bank credit facilities to B2 from B3.

“The upgrade reflects augmented credit metrics resulting from a rebound in operating performance since the pandemic-induced lows of 2020 and improved liquidity. Moody's expects further, yet more modest, improvement in operating performance over the next several quarters, driven by sales growth and cost reductions. Liquidity remains adequate but is helped by the renewal of the revolving credit facility and extension of unsecured debt,” the agency said in a press release.

The outlook is stable.

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