S&P alters Fetch view to stable

S&P said it revised the outlook for Fetch Holdco LLC to stable from negative.

“We expect strong sales and profit growth driven by increased pet adoption will lead to strengthened, albeit still weak, credit metrics in 2021. We estimate leverage will improve to the low-8x area in fiscal 2021 from the low-9x area at fiscal year-end June 27, 2020. Pet adoption increased meaningfully after the virus outbreak and implementation of shelter-in-place orders,” S&P said in a press release.

The agency also affirmed the B- ratings on Fetch, its senior secured revolver and its first-lien term loan. The recovery rating remains 3, indicating an expectation of 50%-70% (rounded estimate: 50%) recovery in the event of a default.

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