Moody’s changes IRPC to positive

Moody's Investors Service said it changed IRPC PCL's outlook to positive from stable.

The agency also affirmed IRPC's Ba1 corporate family rating.

"The change in outlook to positive reflects the structural improvement in IRPC's profitability owing to its higher operating margins and refinery utilization since the completion of its large-scale upgrading program," Rachel Chua, Moody's assistant vice president and analyst, said in a news release.

"Moreover, we expect IRPC will sustain the improvement in its leverage during 2018-19, with retained cash flow/adjusted debt of 18%-20% and adjusted debt/EBITDA below 3.0x."

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