S&P ups Doane Pet Care

Standard & Poor's said it raised its corporate credit rating on Doane Pet Care Co. to B+ from B and its senior unsecured debt rating to B- from CCC+.

At the same time, S&P said it affirmed the BB- bank loan rating and recovery rating of 1 on Doane's $210 million senior secured credit facility and the B- rating on its $152 million 10 5/8% subordinated notes due 2015.

All remaining ratings were removed from CreditWatch with positive implications, where they were placed Aug. 29, the agency noted. The outlook is stable.

The upgrade reflects the successful completion of Doane's new credit facility and subordinated notes refinancing, which addressed previous near-term refinancing risk, thereby improving financial flexibility, S&P said.

The ratings on Doane, the agency added, reflect the firm's high leverage, narrow business focus and participation within a highly competitive industry and customer concentration.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.