Moody's ups Georgia Gulf bonds to Ba2, Ba3, loan to Ba2

Moody's Investors Service said it upgraded Georgia Gulf Corp.'s senior implied rating to Ba2 from Ba3.

Moody's also raised the ratings on the company's credit facility and bonds, including the $170 million senior secured revolver due 2009 and $100 million senior secured notes due 2005 to Ba2 from Ba3 and $100 million senior unsecured notes due 2013 to Ba3 from B1. The outlook is stable.

The upgrade of Georgia Gulf's ratings reflects the improved operating environment and prospects for profitability in both of the company's operating segments, the ratings agency said.

Moody's said the improved environment, in terms of pricing and demand, has resulted in higher operating rates, improved cash flow and accelerated debt reduction.

© 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.