Moody's upgrades Libbey Glass

Moody's Investors Service said it upgraded Libbey Glass LLC's ratings including its corporate family rating to B2 from B3, and the rating on the company's first-lien term loan due 2025 to B3 from Caa1.

In explaining the upgrades, the agency noted, “The company reported year-over-year revenue growth of 30% in fiscal 2021, though revenue remains below 2019 levels. Demand for the company's products remains high primarily in the Americas, benefitting from a strong recovery in the foodservice channel and increased consumer spending in home products including glassware and dinnerware. In addition, the EBITDA margin recovered in fiscal 2021 to the low teens percentage range compared to the negative levels in fiscal 2020, driven by favorable channel mix, pricing actions to offset higher input costs, and benefits from costs savings and manufacturing consolidation initiatives.”

The outlook is stable.

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