S&P lifts RSI view to positive, rates notes B+

Standard & Poor’s said it affirmed its B+ corporate credit rating on RSI Home Products Inc. and revised its outlook on the company to positive from stable.

At the same time, S&P assigned a B+ issue-level rating to the company’s proposed $575 million senior secured second-lien notes due 2023 with a recovery rating of 3H, indicating an expectation of meaningful (60% to 70%) recovery for lenders in the event of a payment default.

“The outlook revision to positive from stable reflects our view that RSI is in a position to materially improve earnings and EBITDA over the next two years through new product offerings and recent business wins,” said S&P credit analyst Thomas O'Toole in a news release.

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