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Paying down its term loan debt paid off for Accuride Corp., which saw ratings on its $695 million credit facility, among other ratings, boosted to B1 from B2 last week by Moody's Investors Service. Moody's attributed the upgrade partly to the company's using of about $93 million in proceeds from its initial public offering to pay down its term loan by about $65 million.
"Accuride's performance to date is slightly ahead of expectations, and strong demand for heavy duty trucks and trailers should continue through 2005 and into 2006," Moody's said. However, the Evansville, Ill.-based commercial vehicle parts supplier market remains cyclical and could be adversely impacted in...