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Moody's ups TLC Vision to SGL-3
Moody's Investors Service said it raised TLC Vision Corp.'s speculative-grade liquidity rating to SGL-3 (adequate) from SGL-4 (weak).
Concurrently, the agency said that the company's other ratings were affirmed.
The outlook remains negative.
The revision of the company's speculative-grade liquidity rating to SGL-3 from SGL-4 reflects the company's amendment of its credit facility which provides for adequate cushion under the financial covenants through the 12 months ending March 31, 2009, Moody's said, noting that the negative outlook reflects the company's lower operating performance for FY2007 relative to Moody's expectations when the ratings were first assigned.
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