Moody’s gives Ba3 to Amsted notes

Moody's Investors Service said it affirmed the Ba2 corporate family rating of Amsted Industries Inc. and the Ba3 rating of its $600 million senior unsecured notes due 2022.

At the same time, the agency assigned a Ba3 rating to the new $250 million senior unsecured notes due 2024 that the company plans to issue.

The outlook is stable.

Moody’s said the ratings consider the favorable prospects for Amsted's Rail Products and Vehicular Products segments, its strong cash flow and limited leverage, balanced against rapidly increasing share repurchase obligations under its Employees' Stock Ownership Plan.

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