DBRS lifts Mattr

DBRS said it upgraded the issuer rating of Mattr Corp. (formerly Shawcor Ltd.) to BB from BB(low) and confirmed the rating on the senior unsecured notes at B(high). The recovery rating on the notes changed to RR6 from RR5 following the divestment of the pipe coating division.

The trend is now positive. These actions remove the ratings from under review with positive implications, the agency said.

DBRS said it forecasts the company to record sales close to $1 billion and $1.1 billion in 2024 and 2025, respectively, versus just under $1 billion forecast for the full-year 2023.

The positive trend reflects the expectation that Mattr will continue to deliver sound operating performance while maintaining key credit metrics that are considered very strong for the current rating, the agency said.

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