Moody’s upgrades Resideo

Moody’s Investors Service said it upgraded Resideo Funding Inc.’s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and senior unsecured note rating to B1 from B3.

Concurrently, the agency assigned a Ba2 rating to Resideo’s planned amended $800 million first-lien senior secured term loan B due 2028 and upsized and extended $500 million revolving credit facility expiring in 2026. Moody’s also affirmed the senior secured credit facility ratings at Ba2. Resideo’s speculative grade liquidity rating was upgraded to SGL-2 from SGL-3.

The upgrade reflects Resideo’s improving operating trends that began during the second half of 2020, resulting in increasing revenue and earnings, which the agency said it expects to continue in 2021.

The outlook is stable.

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