Moody's ups Terex

Moody's Investors Service said it raised Terex Corp.'s corporate family rating to Ba2 from Ba3.

In addition, Terex's probability of default rating was raised to Ba2 from Ba3 and the rating on the $300 million 7 3/8% senior subordinated notes was raised to Ba3 LGD 5, 77% from B1 LGD 5, 76%, the agency said.

Moody's added that the rating on Terex's senior secured bank facility remains at Ba1 LGD 2, though the associated loss given default assessment rate has declined to 24% from 22%.

The outlook is stable.

The corporate family rating has been raised to Ba2 due to recently strong operating performance, debt reductions and the improving control environment, the agency said.

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