S&P ups Four Seasons Holdings to BB-

S&P said it raised its corporate credit rating on Four Seasons Holdings Inc. to BB- from B+.

The outlook is stable.

At the same time, the agency affirmed its BB issue-level rating (one notch above the corporate credit rating) on the upsized $900 million first-lien term loan due 2023 and downsized $50 million revolver due 2021.

The affirmation of the BB issue-level rating reflects the one-notch upgrade of the company, despite a revision in the recovery rating to 2 from 1 due to the incremental first-lien debt in the capital structure.

S&P plans to withdraw the B- issue-level rating and 6 recovery rating on the second-lien term loan once the company closes the transaction and uses the proceeds to repay the second-lien term loan.

"The upgrade reflects anticipated sustained deleveraging through 2017, and follows a revision in our financial policy assessment on the company to neutral," S&P credit analyst Daniel Pianki said in a news release.

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