Moody's upgrades Tegma

Moody's upgrades Tegma

Corporate & Sovereign Strategy Economy & Policy Debt Brazil

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

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