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Moody's lifts Continental Alloys
Moody's Investors Service said it upgraded Continental Alloys & Services, Inc.'s corporate family rating to Caa1 from Caa2, its probability of default rating to Caa1 from Caa2 and its senior secured bank credit facilities to Caa1 (LGD 4, 53%) from Caa2 (LGD4, 51%).
The outlook is positive.
The upgrade reflects an improved liquidity profile and recovery in sequential operating results, the agency said, adding that a recovery in oilfield services demand, $14.5 million equity contribution, working capital management and cost reduction efforts have improved the company's credit ratios.
According to Moody's, the positive outlook reflects the expectation that debt will be reduced further in 2010 through free cash flow generation.
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