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Moody's ups Universal Compression, rates loans Ba2
Moody's Investors Service said it assigned a Ba2 rating to Universal Compression Inc.'s new senior secured bank facilities. The outlook is stable.
Moody's also upgraded Universal Compression's senior implied rating to Ba2 from Ba3, its $175 million of senior unsecured non-guaranteed notes from B1 to Ba3 and its $440 million of 8.875% synthetic lease notes to Ba2 from Ba3.
The facilities include a $250 million five-year senior secured revolving credit and $400 million seven-year senior secured term loan B.
Moody's said the upgrades reflect ongoing leverage reduction, durable domestic down-cycle cash flow, comparatively low fleet maintenance capital spending, the company's statement that it will further reduce leverage and fund acquisitions and comparatively strong pro-forma liquidity.
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