Cooper is evaluated regularly by national rating agencies. Moody’s is a credit-rating agency that rates the creditworthiness of companies who issue bonds. There are three main credit-rating agencies investors follow: Moody’s, Standard and Poor’s, and Fitch.
As you may already know, Cooper has bonds issued and available for investors to purchase and trade. As required, each quarter the finance team submits financial statements, financial ratios, and an executive summary that show Cooper’s financial strength. The rating agency monitors the regular reporting and holds annual deeper discussions with Cooper’s leadership to evaluate and opine on the financial position of Cooper. The rating agency issues a rating update that can result in an upgrade or downgrade in our credit rating as well as an outlook as negative, stable, or positive in nature.
In summary, it was noted that Cooper experienced a temporary financial hurdle due to the implementation of EPIC. However, that hurdle has been overcome and the rating has remained favorable with a stable outlook. Cooper’s rating is Baa1 with an outlook of stable. This is a favorable outcome of the annual review process.
Moody’s credit opinion on Cooper can be accessed by clicking here.
Read the press release by clicking here.