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Moody's ups Thermadyne notes to Caa1
Moody's Investors Service said it upgraded Thermadyne Holdings Corp.'s corporate family rating and probability of default rating to B3 from Caa1, along with the rating on the $175 million 9 ¼% senior unsecured subordinated notes due 2014 to Caa1 from Caa2.
The outlook is stable.
The upgrade comes after the significant improvement of Thermadyne's operating performance and financial metrics in 2007, Moody's said, and an expectation of an adequate financial profile for the rating category in the near term. The company's total debt-to-EBITDA ratio declined to 4.4 times as of Dec. 31, 2007 from 6.2 times as of Dec. 31, 2006, driven by both debt reduction and EBITDA enhancement, the agency said.
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