Moody’s also upgraded the rating on Rush’s existing debt to “A1” from “A2,” affecting $551 million of rated bonds.
The rating upgrade and assignment were supported by a number of factors, including Rush’s “track record of double-digit operating cash flow margins in recent years, improved liquidity ratios, and good pro forma debt coverage ratios,” according to Moody’s.
Moody’s anticipates that Rush will continue to see favorable operating margins and maintain liquidity strength.
Rush also faces some challenges, which were considered for the rating actions, such as operating in a very competitive market.
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