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Moody's lifts Thermadyne
Moody's Investors Service said it upgraded the corporate family rating of Thermadyne Holdings Corp. and the rating on its $260 million senior secured notes due December 2017 to B2 from B3.
The outlook is stable.
Moody's said that the upgrade of Thermadyne's corporate family rating to B2 reflects the improvement in its leverage profile driven by meaningful earnings growth and continued expansion in its margins.
Moody's said it anticipates that adjusted debt-to-EBITDA of 3.8x at Sept. 30, down from 4.9x as of Dec. 31, 2010 will further trend modestly down in the next year.
The agency said it expects that Thermadyne's earnings will benefit from continued growth, albeit at a moderating pace, in global steel consumption and industrial production and ongoing cost cutting initiatives.
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