Moody's upgrades Emeco, view to stable

Moody's Investors Service said it upgraded Emeco Holdings Ltd.'s corporate family ratingto B1 from B2. Moody's also upgraded the backed senior secured debt rating of Emeco's wholly owned subsidiary, Emeco Pty Ltd., to B1 from B2.

"The ratings upgrade for Emeco reflects the improvement in the company's credit profile, supported by improved earnings and margins that are facilitating ongoing deleveraging," said Saranga Ranasinghe, a Moody's vice president and senior analyst, in a press release.

The agency revised the outlook to stable from positive. The stable outlook on the ratings reflects Moody's expectation of a supportive operating environment and solid operating performance over the next 12-18 months. It also reflects management's continuing commitment to de-lever and adopt a conservative financial policy.

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