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Moody's lifts ProFrac
Moody's Investors Service said it upgraded ProFrac Holdings II, LLC's corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and its senior secured term loan rating to B2 from B3. Moody's also assigned a speculative grade liquidity rating of SGL-2.
"The upgrade of Profrac's ratings reflects an improvement in cash flow generation through rate increases for its fleet and a greater financial flexibility, supported by the recent initial public offering," commented Sreedhar Kona, a Moody's senior analyst, in a press release.
"Profrac's completed acquisitions and the announced acquisitions, including the acquisition of USWS, will enhance the company's scale, competitive positioning and product offering, strengthening the company's business profile," Kona added.
The outlook is stable.
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