Moody's hikes Janus International

Moody's Ratings said it upgraded Janus International Group, LLC's corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and the company's senior secured term loan rating to Ba3 from B1.

Moody's said it also raised Janus' speculative grade liquidity rating to SGL-1 from SGL-2 and changed the outlook to positive from stable.

“The upgrade of Janus' CFR to Ba3 and positive outlook reflects Moody's expectation that Janus will continue to perform well and maintain conservative financial policies, with adjusted debt-to-EBITDA below 2.5x over the next two years. Also, Janus' governance is improved. Clearlake Capital Group (Clearlake) no longer has any ownership in Janus nor influence on the deployment of capital, given the complete exit of its investment in the company.

In addition, Janus successfully addressed all material weaknesses in its internal controls over financial reporting. The ability to generate free cash flow further supports the positive rating actions and improved SGL rating,” Moody’s said in a press release.

The agency said it forecasts Janus will generate at least $160 million in free cash flow a year for the next two years.

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