Moody's lifts AEP Industries

Moody's Investors Service said it upgraded the corporate family rating of AEP Industries Inc. to B1 from B2 and revised the outlook to stable from negative.

The upgrade reflects the significant improvement in operating performance, credit metrics and liquidity over the last 12 months, the agency said, noting that AEP has successfully integrated the Atlantis acquisition, cut costs and executed in a challenging competitive environment.

The dedication of free cash flow to debt reduction has returned debt to the pre-acquisition level while cash flow continues to benefit from incremental sales and synergies from the acquisition, Moody's added.

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