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S&P upgrades Tupperware
S&P said it upgraded Tupperware Brands Corp.’s issuer rating to CCC- from SD and maintained the D rating on the company’s notes. The 5 recovery rating is unchanged, which indicates S&P’s expectations for modest (10%-30%) recovery for bondholders in the event of a default.
The upgrade follows Tupperware’s recently completed tender for about $97.6 million of its $600 million of 4¾% senior unsecured notes due June 1, 2021, S&P said. The company repurchased the debt at less than par.
“The transaction addressed a portion of its upcoming maturities, but the company still needs to address the remaining $502 million of notes outstanding,” S&P said in a press release.
The outlook is developing.
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