Moody's changes Crosby view to stable

Moody's Investors Service said it revised its outlook for Crosby US Acquisition Corp.'s to stable from negative and affirmed its ratings, including its corporate family rating at B3, its senior secured first-lien credit facilities at B2 and second-lien term debt at Caa2.

“The revision of the outlook to stable reflects the company's improving prospects going into 2023 given the stabilization in most of the company's end markets, including oil & gas and the infrastructure and construction sectors that represent about 42% of revenue.

“Additionally, Moody's expects the acquisition of Kito Corp. (Kito) announced on May 16, to both reduce leverage and broaden Crosby's portfolio mix and geographic reach,” the agency said in a press release.

Moody's said it sees leverage retreating to 6x by Dec. 31 from about 8.5x as of June 30.

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