Moody’s upgrades Emeco

Moody's Investors Service said it upgraded Emeco Holdings Ltd.'s corporate family rating to B2 from B3 and Emeco Pty Ltd.'s backed senior secured debt rating to B2 from B3.

At the same time, Moody's changed the outlook to positive from stable.

"The ratings upgrade reflects the continued improvement of Emeco's credit profile, underpinned by increasing earnings, margins, and earnings-accretive equity-funded acquisitions during the last 12 to 18 months," Shawn Xiong, Moody's analyst, said in a news release.

"The significant improvement in earnings and margins reflects increasing demand for Emeco's mining equipment as well as favorable supply and demand dynamics in the Australian mining equipment rental market."

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