Moody's raises Zep

Moody's Investors Service said it upgraded Zep Inc.'s corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa2-PD.

Moody's also upgraded Zep's first-lien senior secured credit facilities to B3 from Caa1 and its second-lien term loan to Caa3 from Ca.

“The rating upgrade reflects Zep's improvement in operating fundamentals as a result of the significant increase in demand for its products as customers across its food & beverage and industrial end markets enhanced standard operating procedures and protocols around cleaning, sanitation and maintenance in their facilities in response to the coronavirus pandemic. For the quarter ending May 31, 2020, revenues increased about 17% year-over-year compared to the prior year's quarter,” Moody’s said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.