Moody’s changes Clearwater Seafoods to stable

Moody's Investors Service said it revised Clearwater Seafoods LP’s ratings outlook to stable from positive and affirmed the B2 corporate family rating, B3-PD probability of default rating and B1 senior secured debt rating.

The speculative grade liquidity rating was raised to SGL-1 from SGL-3.

"The outlook change to stable recognizes that earnings volatility and foreign currency movements will hinder Clearwater from improving its leverage (adjusted Debt/EBITDA) to meet the requirement for an upgrade in the next 12 to 18 months," Peter Adu, Moody's lead analyst for Clearwater, said in a news release.

"The raising of the SGL rating reflects expectations for good availability under the company's revolving credit facility while cash will increase by more than C$55 million when the announced equity issue closes."

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