Moody's upgrades Flexitallic

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of FGI Acquisition Corp. (Flexitallic) to Caa1 and Caa2-PD from Caa2 and Caa3-PD, respectively. Concurrently, Moody's upgraded the first-lien term loan to Caa1 from Caa2. The outlook was revised to stable from negative.

“The rating upgrades reflect Moody's expectation that the company will sustain improved operating performance, generate breakeven free cash flow and at least maintain current financial leverage. The company will continue to recover from weak results due to the pandemic in 2020. In addition, Flexitallic has effectively diversified its revenue and reduced its reliance on the oil & gas sector, which also supports the rating upgrade,” the agency said in a press release.

The revised outlook reflects the forecast that Flexitallic will generate breakeven free cash flow and liquidity will remain adequate, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.