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Moody’s ups Installed Building Products
Moody’s Investors Service said it upgraded Installed Building Products Inc.’s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.
Moody’s also upgraded the ratings on the company’s senior secured term loan to Ba2 from Ba3 and its senior unsecured notes to B1 from B3.
The upgrade reflects Moody’s expectation that Installed Building will benefit from end market dynamics that support growth and maintain adjusted debt-to-LTM EBITDA below 3x over the next two years.
The outlook is stable.
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