Moody’s upgrades Fetch

Moody’s Investors Service said it upgraded Fetch Acquisition LLC’s corporate family rating to B2 from B3 and upgraded the probability of default rating to B2-PD from B3-PD. Moody’s also upgraded the company’s first-lien revolver and term loan ratings to B1 from B2.

“The upgrade reflects Moody’s expectation that Fetch’s operating performance will continue to improve over the next 12 to 18 months as the growth in pet ownership continues to drive demand for pet-related products. The global pandemic has created a surge in pet ownership in the U.S. as households adopted more pets that provided companionship while sheltering at home due to the global pandemic,” the agency said in a press release.

Moody’s said it sees sales improving by 12% to 15% over the next 12-18 months after experiencing double-digit growth in 2020 and EBITDA improving by 20% to 25% during the same period, the agency said.

The outlook is stable.

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