Moody's ups Water Pik outlook to positive

Moody's Investors Service said it changed Water Pik, Inc. outlook to positive from stable and affirmed the B3 corporate family rating.

Moody's said it also affirmed the B1 rating to Water Pik's first-lien senior secured credit facilities (LGD3, 33%, adjusted) and Caa2 rating to its second-lien term loan (LGD5, 84%, adjusted).

The positive outlook reflects the Water Pik's good operating performance and consequent de-leveraging since assigning the rating although its view is tempered by the current, very challenging economic outlook, the agency said, noting that Water Pik's B3 corporate family rating reflects its high leverage, very modest scale, narrow product focus, limited presence at key mass merchandiser customers, and its relatively short track record as an independent company.

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