Moody’s upgrades USG

Moody's Investors Service said it upgraded USG Corp.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and changed the outlook to positive from stable.

The agency also upgraded USG’s guaranteed senior unsecured notes to B1 (LGD3) from B2 (LGD3), senior unsecured (not guaranteed) notes to Caa1 (LGD5) from Caa2 (LGD5) and industrial revenue bonds with (not guaranteed) to Caa1 (LGD5) from Caa2 (LGD5).

Moody’s said the upgrades and outlook change are based on its expectations that USG's operating performance, driven mainly by its gypsum business, will continue to improve, resulting in better debt credit metrics.

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