Moody’s upgrades At Home to B1

Moody's Investors Service said it upgraded At Home Holding III Inc.'s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

The agency also affirmed the B2 rating on the company's $300 million first-lien term loan due 2022 and assigned an SGL-3 speculative grade liquidity rating.

The outlook is stable.

Moody’s said the upgrade reflects At Home's reduced leverage resulting from the repayment of substantially all of its $130 million second-lien term loan with IPO proceeds, as well as the agency’s expectation that continued solid operating performance and balanced financial policies will support credit metric improvement to levels that surpass the previously stated upgrade triggers.

"Positive comp store sales growth and new unit expansion will result in meaningfully stronger credit metrics over the next 12-24 months, and more prudent financial policies as a publicly owned company will support and sustain credit metrics in line with the B1 rating," Moody's analyst Dan Altieri said in a news release.

© 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.