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S&P lifts RSI Home, notes to BB-
S&P said it raised its corporate credit rating on RSI Home Products Inc. to BB- from B+.
The outlook is stable.
At the same time, the agency upgraded its issue-level rating on the company's senior secured second-lien notes to BB- from B+. The recovery rating remains 3, reflecting an expectation of meaningful (50%-70%; rounded estimate 60%) recovery in the event of a payment default.
"The stable outlook reflects our view that RSI Home Products will generate EBITDA improvement in 2017 while maintaining its best in class margins, good liquidity, and dominant market share," S&P credit analyst Thomas O'Toole said in a news release.
"We expect that RSI will maintain debt to EBITDA below 4x for the next 12 months."
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