Moody’s ups Tervita, rates notes B3

Moody’s Investors Service said it upgraded Tervita Corp.’s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, and assigned a B3 rating to Tervita’s proposed $500 million of senior secured notes offering due in 2025.

Concurrently, Moody’s changed the outlook to stable from negative. The speculative grade liquidity rating remains at SGL-3.

Tervita will use the proceeds combined with room under its new C$350 million revolving credit facility due November 2022 and balance sheet cash to refinance all of its US$590 million of senior secured notes due December 2021. The rating actions taken depend on Tervita’s ability to refinance its senior secured notes due December 2021,” Moody’s said.

“Tervita’s refinancing removes upcoming maturity concerns,” said Jonathan Reid, a Moody’s analyst, in a press release.

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