S&P rates Real Hero Parent B-

S&P said it assigned a B- issuer rating to Real Hero Parent Inc., which is the same as the agency’s rating for its predecessor entity, Truck Hero Holdings Inc., that will be subsequently discontinued. A wholly owned subsidiary of Real Hero, Truck Hero Inc., remains the borrower on the term loan and senior unsecured notes.

The B- issue-level rating on the company's first-lien term loan is unchanged as is the 3 recovery rating for the first-lien term loan, indicating meaningful recovery (50%-70%; rounded estimate: 50%). The CCC issue-level and 6 recovery rating on the company's senior unsecured notes are also unchanged with the recovery score indicating negligible recovery (0%-10%, rounded estimate: 0%).

The outlook is stable, reflecting the forecast that stronger-than-expected demand for Real Hero’s products should sustain positive free operating cash flow, S&P said.

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