Global Brass and Copper, Inc. -- Moody's upgrades Global Brass and Copper, Inc. to B1; rating outlook stable

New York, June 15, 2016 -- Moody's Investors Service upgraded Global Brass and Copper, Inc.'s ("GBC") Corporate Family Rating to B1 from B2. The upgrade reflects the improvement in GBC's operating results and credit metrics, as well as the company's enhanced liquidity profile with extended maturities and the expectation that the company will be able to maintain leverage below 3.5x over the next 12 to 18 months. In related actions, Moody's upgraded GBC's Probability of Default Rating to B1-PD from B2-PD, and upgraded its 9.5% senior secured notes due 2019 to B2 (LGD4) from B3 (LGD4). Moody's also assigned a B2 (LGD4) rating to the company's proposed $320 million senior secured term loan. Proceeds from the term loan will be used for redemption of the company's 9.5% senior secured notes due 2019 (rating to be withdrawn upon closing), as well as for fees and related transaction expenses. The rating outlook remains stable.

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