Installed Building Products says Moody’s upgrades corporate family rating to Ba1

Installed Building Products announced that Moody’s Investors Service has upgraded IBP‘s corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD. Moody’s also upgraded the rating on the company’s existing senior secured first lien term loan due 2028 to Ba1 from Ba2 and senior unsecured notes due 2028 to Ba2 from B1. The company’s speculative grade liquidity rating remains SGL-1. The outlook is maintained at stable. Moody’s noted that the upgrades reflect Moody’s expectations that IBP will continue to perform well and maintain low financial leverage. Moody’s also noted that IBP has a very good liquidity profile characterized by the company’s ability to generate cash flow, as well as IBP’s commitment to conservative financial policies.