Moody's changes ProFrac view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed ProFrac Services, LLC's Caa2 corporate family rating, its Caa2-PD probability of default rating and its Caa2 term loan rating.

"ProFrac benefited significantly from the increased pressure pumping activity through the second half of 2020 and will maintain higher utilization of its equipment through 2021. The stable outlook reflects the company's improved credit profile and substantially reduced risk of default," commented Sreedhar Kona, a Moody's senior analyst, in a press release.

"The company's small size and single service line focus continue to pose risks to its credit profile as the sustainability of the recovery in pressure pumping service demand remains uncertain," Kona added.

© 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.