December 21, 2017 |
Moody’s has upgraded Tegma Gestao Logistica to B1 from B2 after liability management exercises improved its liquidity profile.
According to a report from the rating agency, cost-saving initiatives and debt reduction contributed to the upgrade.
Moody's expects the company's performance to improve next year due to a recovering Brazilian automotive industry. Tegma's cost-saving initiatives, such as reduced labor, divestments and a focus on "higher capacity utilization rates" also bode well for the
Brazilian logistics company earns bump to B1 from B2 due to an improved liquidity profile