S&P ups Miller’s Ale House

S&P said it raised Miller’s Ale House Inc.’s ratings a notch, including its issuer rating to CCC+.

“We believe performance prospects for Miller's have improved. We expect that an improving vaccination outlook and revised expectations for U.S. economic recovery (we now anticipate GDP growth of 6.5% in 2021) will support Miller's ability to recover from performance declines because of the Covid-19 pandemic. After a seismic shift toward food-at-home consumption and social distancing given pandemic-related health concerns, we believe consumers are beginning to shift back toward in-restaurant dining,” S&P said in a press release.

The agency said it forecasts Miller’s consolidated sales at year-end of about 5%-10% below 2019 levels and leverage of about 6x.

The outlook is positive.

© 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.