Moody's ups Unifrax

Moody's Investors Service said it upgraded Unifrax I LLC's corporate family rating to B3 from Caa1, along with the ratings on its $50 million revolving credit facility and the term loan B to B1 (LGD 2, 27%) from B2 (LGD 2, 28%).

The outlook is positive.

The upgrade reflects the improvement in Unifrax's operations, stronger profitability and an increased EBITDA cushion with regard to its financial covenants, Moody's said.

All of Unifrax's major businesses have seen an improvement in volumes in the past year, while pricing has remained fairly stable, the agency said.

The company's liquidity benefits from its large cash balances, undrawn revolver and expectations for positive free cash flow in 2010, Moody's added.

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