Fitch upgrades AZZ

Fitch Ratings said it upgraded AZZ Inc.'s long-term issuer default rating to BB from BB-.

Fitch also upgraded AZZ's first-lien secured term loan and revolving credit facility to BBB-/RR1 from BB+/RR1.

The outlook is stable.

The agency said the upgrade reflects Fitch's expectation that AZZ's EBITDA leverage will be sustained below 3.5x over the rating horizon. Fitch's lower leverage forecast is driven by the planned redemption of AZZ's series A preferred units financed by the equity issuance closed on April 30.

Fitch said it believes the recapitalization materially improves EBITDA leverage, while enhancing AZZ's financial flexibility.

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