Moody's ups Evergreen notes to Caa1

Moody's Investors Service said it has upgraded Evergreen International Aviation, Inc.'s corporate family rating to B2 from Caa2 and senior secured notes to Caa1 from Ca.

The outlook is stable.

Moody's said the rating actions reflect Evergreen's improved operating performance in fiscal 2006 including enhanced revenue growth, improving margins and improving financial credit metrics.

The ratings also consider the cyclical air cargo and services industry in which the company operates, and its dependence on government contracts primarily with the U.S. Air Force Air Mobility Command and the U.S. Postal Service, which make up about 48% and 9%, respectively, of total revenues.

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