Moody’s ups Edgen Murray notes

Moody's Investors Service said it upgraded Edgen Murray Corp.’s senior secured notes to Ba3 from B1 to reflect the notes’ improved priority position within the company's capital structure.

The senior secured notes represent Edgen's primary secured debt because it has established unsecured credit facilities with Sumitomo Corp. of Americas (A2 negative) and its affiliates.

At the same time, Moody's affirmed Edgen Group Inc.'s Ba3 corporate family rating, Ba3-PD probability of default rating and speculative grade liquidity rating of SGL-3.

The outlook remains stable.

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