Moody's raises Jazz Acquisition

Moody's Investors Service said it upgraded its ratings for Jazz Acquisition, Inc. (Wencor), including the corporate family rating to B3 from Caa1, the senior secured first-lien credit facilities to B2 from B3 and the senior secured second-lien term loan to Caa2 from Caa3.

“The upgrades reflect Moody's expectations of a sustained, albeit gradual, recovery in demand in commercial aerospace aftermarkets over the next 18 to 24 months. Moody’s expects the market recovery to continue to support sales and earnings growth and a gradual improvement in Wencor’s credit metrics. The upgrade also reflects Moody’s expectations of good liquidity and positive free cash generation,” the agency said in a press release.

The outlook is stable.

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