Moody's lifts CPM Holdings

Moody's Investors Service said it upgraded CPM Holdings, Inc.'s ratings, including the company’s corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.

Moody's also upgraded ratings for its senior secured first-lien bank credit facilities to B2 from B3 and second-lien term loan rating to Caa2 from Caa3.

The outlook is stable.

“The ratings upgrade reflects CPM's improved profitability due to greater operational efficiency and favorable sales mix, a trend we expect to continue in 2021,” said Shirley Singh, Moody's lead analyst for the company, in a news release.

“Leverage remains high at close to 7.0x, but the company has adequate liquidity that provides sufficient financial flexibility to withstand any volatility in market conditions.”

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