Moody's upgrades TriMas

Moody's upgraded TriMas Corp.'s corporate family and probability of default ratings to B1 from B2, along with the ratings on its $83 million revolving credit, its $20 million synthetic LC and its $253 million term loan facilities to Ba2 from Ba3.

The speculative grade liquidity rating also was upgraded to SGL-2 from SGL-3.

The outlook is positive.

The upgrade and positive outlook reflect the improvement in the company's credit metrics over the last 12 months and a belief that the company is well positioned to see further improvement as global economic activity increases, Moody's said.

These improvements, combined with recent debt repayment, have helped strengthen the company's key credit metrics, the agency said.

The company's leverage improved to 3.6x for 2010 from 5.7x for 2009, Moody's said, and is expected to improve further over the next couple of years.

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