Moody’s lifts Recess Holdings

Moody's Investors Service said it upgraded Recess Holdings, Inc.'s ratings, including its corporate family rating to B2 from B3, its probability of default rating to B2-PD from B3-PD, the senior secured first-lien term loan due 2024 rating to B1 from B2, and the senior secured second-lien term loan due 2025 rating to Caa1 from Caa2.

The outlook is stable.

“The ratings upgrade reflects Recess' strong operating results in fiscal 2021 and meaningful improvement in credit metrics,” the agency said in a news release.

Moody’s said for fiscal 2021 the company reported strong year-over-year revenue and EBITDA growth of 26.6% and 33.9%, respectively, supported by healthy overall market demand for the company's products.

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