A selection of companies in the leveraged loan market made structural changes last week, sending ratings agencies back to their books to reassess risk and adjust ratings accordingly. Some companies saw boosts, while others struggled with setbacks.
Chemical and engineered industrial products manufacturer GenTek was on the rise last week, when Moody's Investors Service upgraded the company's $60 million revolver and $269 million first-lien term loan to Ba3 from B1.
The move was the result of reduced debt balances with further expectations for improvement in cash flow generation, according to Moody's. GenTek recently sold its Noma wire harness and cable …
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