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Moody’s lifts Mueller Water, loan
Moody's Investors Service said it upgraded Mueller Water Products, Inc.’s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, term loan B to Ba2 from Ba3 and speculative grade liquidity rating to SGL-1 from SGL-2.
The outlook is stable.
Moody’s said the upgrades are based on Mueller's strong and improving performance to date, including Moody's adjusted debt to EBITDA of 3x and EBITA to interest coverage of 5.6 times, both as of the trailing 12-months ended Dec. 31, 2017.
The agency expects this improvement to continue.
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