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S&P upgrades Roundy's, rates loan BB-
Standard & Poor's said it raised the corporate credit rating on Roundy's Supermarkets Inc. to B+ from B and removed the ratings from CreditWatch with positive implications.
This action comes after the company successfully completed its initial public offering and closed on an $800 million first-lien senior secured credit facility, consisting of a $675 million term loan and a $125 million revolving credit facility.
The outlook is stable.
The agency also said it assigned a BB- rating and a 2 recovery rating to the company's senior secured credit facility. The 2 recovery rating indicates 70% to 90% expected recovery in a default.
The rating reflects a view of the company's business risk profile as fair and its financial risk profile as highly leveraged, S&P said.
The agency said it believes that Roundy's will have modest, but steady profit growth that will lead to credit metric enhancement.
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