S&P ups Welbilt notes to B+

S&P said it upgraded the rating on Welbilt Inc.’s $425 million of senior unsecured notes due in 2024 to B+ from B and revised the recovery rating on the senior unsecured notes to 5 from 6. The upgrade of the senior unsecured notes is a result of the termination of the accounts receivable securitization program that reduced priority claims on debt.

S&P also revised the outlook for Welbilt Inc. to negative from stable. “The negative outlook reflects our expectation that we could lower the rating on Welbilt over the next 12 months if operating performance is weaker than we forecast,” said S&P in a press release.

In addition, the agency affirmed the BB- ratings on the company and its senior secured credit facilities (a $400 million revolving credit facility due in 2023 and a $900 million term loan due in 2025). The recovery rating remains 3.

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