Moody’s revises Boart to stable

Moody's Investors Service said it changed Boart Longyear Ltd.s outlook to stable from negative and affirmed its Caa2 corporate family rating and Caa2- PD probability of default rating.

At the same time, the agency affirmed Boart Longyear Management Pty Ltd.’s Caa1 senior secured rating and Caa3 senior unsecured rating.

The speculative grade liquidity rating was affirmed at SGL-3.

"The change in outlook to stable reflects Boart's improving operating performance and credit metrics that has strengthened its credit profile within its rating," Carol Cowan, Moody's senior vice president and lead analyst for Boart, said in a news release.

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