Moody's upgrades Viad

Moody's Investors Service said it upgraded Viad Corp.’s senior secured first-lien credit facilities ratings to B2 from B3. The agency also boosted the issuer’s corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. The speculative grade liquidity remains SGL-3.

“The ratings upgrade reflects the improved operating performance in Viad's Pursuit and GES segments which were previously negatively impacted by event and trade show cancellations and postponements and travel restrictions driven by the coronavirus pandemic. Financial leverage, as expressed by debt to EBITDA, and EBITA to interest expense have considerably improved to 4.6x and 1.5x, respectively, for 2022,” the agency said in a press release.

The rating outlook is stable.

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