Moody’s might lift Alfred Fueling

Moody's Investors Service said it placed the B2 corporate family rating, B2-PD probability of default rating, B1 first-lien credit facility rating and Caa1 second-lien term loan rating of Alfred Fueling Systems Inc. (doing business as Wayne Fueling Systems LLC) under review for upgrade.

The review follows Alfred Fueling’s announcement that it signed a definitive agreement to be acquired by Dover Corp. (A2, stable).

Moody’s said the review for upgrade is based on its view that, should the acquisition by Dover be consummated, Alfred Fueling will become part of an enterprise with a stronger overall credit profile than if it remains a standalone company.

However, the agency expects that all of Alfred Fueling’s debt will be repaid upon the close of the transaction in accordance with the company's credit agreements.

As a result, Moody's said it anticipates that Alfred Fueling’s ratings will be withdrawn at the close of the sale.

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