10:03 AM EDT, 05/16/2024 (MT Newswires) -- Moody's on Wednesday upgraded Celestica's ( CLS ) corporate family rating to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD.

Also, the rating agency assigned Ba1 ratings to the company's proposed senior secured first-lien bank credit facilities.

The outlook was changed to Stable from Positive. The company's speculative grade liquidity rating is unchanged at SGL-1.

"The upgrade reflects our expectation that the company will sustain its good operating performance and strong credit metrics despite global macroeconomic headwinds while the refinance transaction will improve its financial flexibility", Peter Adu, Moody's vice president and senior credit officer, said.

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