S&P revises consumer companies ratings

S&P said it reviewed the recovery and issue-level ratings in the U.S. consumer products sector for speculative-grade corporate issuers that were considered under criteria observation (UCO) after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency said it removed the UCO designation from these ratings and revised the issue-level and recovery ratings as appropriate.

As an overview, the ratings were revised due to the change in the recovery rating on the companies’ debt instruments, S&P explained.

These actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

Alliance One International Inc.’s senior secured asset-backed loan was upgraded to B+ from B and its recovery rating was revised to 1+ from 1; its senior secured first-lien notes were upgraded to B- from CCC+ and recovery rating revised to 2H from 3L; its senior secured second-lien notes were upgraded to CCC from CCC- with recovery rating revised to 5L from 6.

Compass Group Diversified Holdings LLC’s senior secured rating was upgraded to BB from BB- and its recovery rating to 2L from 3L.

The senior secured asset-backed loan ratings on HBC Chemical LLC, HBC Holdings LLC, HBC/FQ LLC, Handy Holdings LLC, Howard Berger Co. LLC, Jones Stephens Corp., One Middlesex Warehousing LLC, Plumbing Holdings Corp., Wordlock Inc. and World and Main (Houston), LLC were upgraded to B from B- with recovery rating revised to 1+ from 1.

HRG Group Inc.’s senior unsecured rating was upgraded to B from B- with recovery rating revised to 4L from 5H.

Outerstuff LLC’s senior secured asset-backed loan was upgraded to BB+ from BB with recovery rating revised to 1+ from 1. Its senior secured term loan was downgraded to B+ from BB- with recovery rating revised to 3L from 2H.

The Hillman Group Inc.’s senior secured rating was upgraded to B+ from B with its recovery rating revised to 2L from 3H.

The Nature's Bounty Co.’s senior unsecured rating was upgraded to B- from CCC+ with recovery rating revised to 5L from 6.

US Foods Inc.’s senior secured rating was upgraded to BB- from B+ with recovery rating revised to 2L from 3H.

The rating the senior secured asset-backed loan on Varsity Brands Holding Co Inc. and Hercules Achievement Inc. was upgraded to BB from BB- with recovery rating to 1+ from 1.

Vestcom International Inc.’s senior secured first-lien rating was upgraded to B+ from B with recovery rating revised to 2H from 3H.

Wells Enterprises Inc.’s senior secured notes rating was upgraded to BB- from B+ with recovery rating revised to 2L from 3H.

First Quality Finance Co. Inc.’s senior unsecured rating was downgraded to BB- from BB with recovery rating revised to 5L from 4H.

G-III Apparel Group, Ltd.’s senior secured rating was downgraded to BB from BB+ with recover rating revised to 2L from 1.

Nine West Holdings Inc.’s senior unsecured term loan was downgraded to CC from CCC- and recovery rating revised to 6 from 5H.

Boardriders SA’s senior unsecured notes rating was downgraded to B from B+ with recovery rating revised to 2L from 1.

Revlon Consumer Products Corp.’s senior unsecured rating was downgraded to B from B+ with recovery rating revised to 5H from 4L. Its senior secured rating was affirmed at B+ with recovery rating revised to 3L from 3H.

The senior secured ratings on PVH Corp. and PVH BV were downgraded to BBB- from BBB with its recovery rating unchanged at 1.

Vista Outdoor Inc.’s senior secured rating was revised to BBB- from BBB with recovery rating unchanged at 1.

Wolverine World Wide Inc.’s senior secured rating was downgraded to BBB- from BBB with recovery rating unchanged at 1. Its senior unsecured rating was affirmed at BB+ with recovery rating revised to 4H from 4L.

Crossmark Holdings Inc.’s senior secured first-lien rating was affirmed at B- with recovery rating revised to 3L from 4H.

Candy Intermediate Holdings, Inc.’s senior secured first-lien rating was affirmed at B with recovery rating revised to 3L from 4L.

Post Holdings Inc.’s senior unsecured rating was affirmed at B with recovery rating revised to 3H from 4H.

The senior secured ratings on Simmons Foods Inc., Pro*Cal Inc., Simmons Custom Processing Inc., Simmons Energy Solutions Inc., Simmons Feed Ingredients Inc., Simmons Pet Food Inc. and Simmons Prepared Foods Inc. were affirmed at B with recovery rating revised to 3L from 4H.

The senior unsecured ratings on Hanesbrands Inc. and Hanesbrands Finance Luxembourg SCA were affirmed at BB with recovery ratings revised to 3L from 3H.

The senior secured first-lien ratings on HBC Chemical LLC, HBC Holdings LLC, HBC/FQ LLC, Handy Holdings LLC, Howard Berger Co. LLC, Jones Stephens Corp., One Middlesex Warehousing LLC, Plumbing Holdings Corp., Wordlock Inc. and World and Main (Houston), LLC were affirmed at CCC with recovery ratings revised to 3H from 3L.

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