S&P upgrades BellRing Brands

S&P said it raised its ratings for BellRing Brands Inc. and its $840 million of senior unsecured notes due 2030 to BB- from B+. The recovery rating remains 3, indicating meaningful (50%-70%; rounded estimate: 55%) recovery in default.

BellRing cuts its leverage faster than expected. “We forecast S&P Global Ratings-adjusted debt to EBITDA will decline to about 2.2x at fiscal year-end 2024, down from about 2.6x in fiscal 2023,” S&P said in a press release.

The outlook is stable.

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