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Moody's rates TriMas notes Caa1
Moody's Investors Service said it rated TriMas Corp.' $250 million senior second-lien notes Caa1 (LGD5, 75), affirmed the B3 corporate family rating and changed the outlook to stable from negative.
TriMas' speculative grade liquidity rating was upgraded to SGL-3 from SGL-4 and the outlook was changed to stable reflecting expectation that TriMas' liquidity position should adequately meet the company's needs over the next 12 months, the agency said.
The outlook upgrade to stable reflects the recent improvement in end market demand, Moody's noted.
TriMas has been able to aggressively reduce costs during the downturn, the agency said.
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