Moody’s lifts TurboCombustor

Moody's Investor's Service said it upgraded its ratings for TurboCombustor Technology, Inc. including the corporate family rating to B3 from Caa1 and its probability of default rating to B3-PD from Caa2-PD.

Concurrently, Moody's upgraded its ratings on the company's senior secured term loan and senior secured revolver to B3 from Caa1.

The outlook is stable.

“The upgrades recognize recent improvements in TurboCombustor's earnings profile that have resulted in a strengthening set of credit metrics and a moderately leveraged balance sheet (Moody's adjusted debt-to-EBITDA of 4.7x as of March 2019),” the agency said in a news release.

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