Innophos (IPHS) Reports Upgrade to Corporate Rating By Moody's
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Innophos Holdings, Inc. (Nasdaq: IPHS) reported that Moody's Investors Services had upgraded its corporate family rating to Ba2 (from Ba3), with a stable outlook. Moody's action followed the announcement by Innophos on Friday, August 27, 2010 of a new Senior Secured Credit facility and by the Company's Innophos Inc. subsidiary that it had given notice to redeem its existing $190 million senior subordinated debt. The refinancing is expected to reduce interest cost by $11.5 million on an annualized basis. Moody's also assigned the Ba2 rating to the new loans.
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