Moody’s alters TRC view to stable

Moody’s Investors Service said it changed TRC Cos. Inc.’s outlook to stable from negative.

“The revision of TRC’s outlook to stable from negative is driven by our expectation that leverage will be sustained below 6x while the company maintains a good liquidity profile,” said Andrew MacDonald, Moody’s assistant vice president and analyst, in a press release.

“Favorable backlog trends in the company’s power and infrastructure segments support low single-digit percentage revenue growth that when combined the cost savings measures taken during the Covid pandemic and a recent term loan repricing should lead to good free cash flow generation during the next 12 months,” MacDonald said.

Moody’s also affirmed the B2 ratings on TRC and its senior secured first-lien credit facilities as well as the B2-PD probability of default rating.

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