Moody's upgrades EnPro

Moody's Investors Service said it upgraded the corporate family rating and probability of default ratings of EnPro Industries, Inc. to Ba3 and Ba3-PD from B1 and B1-PD, respectively.

The agency also said it affirmed the company's B1 (LGD 4) senior unsecured notes rating and SGL-2 speculative grade liquidity ratings.

The outlook is stable.

The upgrades are based on both the expectation that the company will experience top line growth and earnings from positive end-market fundamentals in the majority of its end-markets, Moody's said.

The ratings reflect the company's good scale, brand strength and end-market diversity ranging from heavy-duty trucking and general industrial to semiconductors, energy and power generation, the agency said.

The ratings also consider EnPro's geographic diversity with slightly more than 40% of revenues generated abroad, Moody's said.

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