Moody's lifts Miller's Ale House

Moody's Investors Service said it upgraded Miller's Ale House, Inc. ratings, including its corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD, and senior secured bank credit facility ratings to B3 from Caa1. Moody's assigned a B3 rating to Miller's $28.5 million revolving credit facility due 2025. The agency also revised the outlook to stable from positive.

“The upgrade reflects Miller's continued operating performance and credit metric improvement along with the successful extension of $28.5 million revolver commitments to March 2025. While the remaining $7 million under Miller's existing revolving credit facility will expire on May 30, 2023, liquidity is good, supported by balance sheet cash, modest free cash flow, and ample excess availability under the $28.5 million extended revolver,” Moody’s said in a press release.

The weaker outlook indicates a forecast that Miller's will maintain its improved credit profile and good liquidity even with labor-related challenges and commodity cost inflation as well as the possibility of a drop in consumer spending on dining out, the agency said.

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