Fitch rates Tempur Sealy notes BB, loans BB+

Fitch Ratings said it assigned first-time ratings to Tempur Sealy International, Inc. (TPX) and Tempur-Pedic Management, LLC, including long-term issuer default ratings of BB.

Fitch has assigned BB/RR4 ratings to Tempur Sealy’s senior unsecured notes and BB+/RR1 ratings to the company’s senior secured revolving credit facility and senior secured term loan.

Tempur-Pedic Management is an additional borrower under the senior secured facility and term loan.

The outlook is stable.

“TPX's ratings reflect its leading market position as a vertically integrated global bedding company with well-known, established brands across a wide variety of price points offered through broad distribution channels,” Fitch said in a news release.

“The ratings are tempered by the single product focus in a highly competitive, fragmented market that is exposed to potential pullbacks in discretionary consumer spending during periods of macroeconomic weakness.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.