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Moody's lifts Terex to SGL-2, cuts notes
Moody's Investors Service said it upgraded Terex Corp.'s speculative-grade liquidity rating to SGL-2 from SGL-3 and affirmed the company's corporate family and probability of default ratings at B2.
Although the agency sad it affirmed the majority of the company's instrument ratings, the company's $300 million 7 3/8% subordinated notes were downgraded to B1 from Ba3.
The outlook remains stable.
The upgrade of the company's SGL liquidity rating reflects the company's high cash position with over $1.7 billion of cash and equivalents as of March 31 versus $929 million at the end of 2009, the agency added.
The downgrade of the company's subordinated notes to B1 from Ba3 reflects the change in the company's capital structure per Moody's loss given default ratings methodology.
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