Moody's ups TMD Friction

Moody's Investors Service said it upgraded TMD Friction Group SA's corporate family rating by one notch to B2 from B3 and the rating of the company's €160 million of senior secured notes to B2 from B3.

The outlook is stable.

The upgrade reflects TMD Friction's continued progress in improving its credit metrics in 2010, as evidenced by strengthened leverage ratios, such as a debt-to-EBITDA ratio of 3.3 times, the agency said.

TMD Friction's ratings are based on the group's strong position in the original equipment market and the aftermarket for automotive brake pads and linings, a large share of its revenues being generated in the usually more resilient aftermarket and the company's advanced technologies, the agency said.

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