Moody’s upgrades Evoqua

Moody’s Investors Service said it upgraded Evoqua Water Technologies LLC’s parent company EWT Holdings III Corp.’s corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD.

Moody’s also upgraded the company’s first-lien senior secured debt ratings to B1 from B2. Concurrently, Moody’s assigned an SGL-2 liquidity speculative grade liquidity rating, denoting an expectation the company will maintain a good liquidity profile over the next 12-18 months.

“The rating upgrades amid the coronavirus pandemic reflect the expectation that the company will maintain its improved leverage and positive free cash flow,” said Gigi Adamo, a Moody’s vice president and lead analyst for the company, in a press release. “The ability to improve margins and increased working capital efficiency are also reflected in the upgrades.”

The outlook is stable.

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