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S&P upgrades Interline
Standard & Poor's said it raised the corporate credit rating on Interline Brands Inc. to BB from BB-, along with the rating on the company's $300 million senior subordinated notes due 2018 to BB from BB-.
The recovery rating on these notes remains unchanged at 4, indicating 30% to 50% expected recovery in a default.
The outlook is stable.
The upgrade reflects improving credit metrics and strong liquidity levels for Interline Brands, said Megan Johnston, an S&P analyst.
Interline's improvement in performance is due to stronger earnings growth and a relatively stable operating environment, which is expected to continue over the next two years, the agency said.
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