Moody’s revises LTR outlook to stable

Moody’s Ratings said it revised its outlook for Liberty Tire (LTR Intermediate Holdings, Inc.) to stable from negative and affirmed the B ratings on the company and its senior secured first lien bank credit facilities.

“The ratings affirmation and outlook change to stable reflect Moody's expectation that moderate earnings growth will drive an improvement in credit metrics through 2024. Further, Moody's expects that leverage will remain high but fall toward 6x.

“Improved operating results will be supported by higher pricing on steady inbound tire collections, initiatives executed to improve yields (quality) and volumes for beneficial reuse products and realization of synergies from recent acquisitions. Moody's also expects the company to maintain adequate liquidity,” the agency said in a press release.

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