| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Recess Holdings, Inc. > News item |
S&P upgrades Recess Holdings
S&P said it raised the issuer credit rating of Recess Holdings Inc. (PlayCore) one notch to B from B-.
At the same time, the agency raised the issue-level rating on the first-lien term loan two notches to B+ from B- to reflect the one-notch upgrade of the issuer credit rating. The recovery rating on this debt was revised to 2 from 3 based on improved recovery prospects for secured lenders due to recent acquisitions.
S&P also raised its rating on the second-lien term loan one notch to CCC+ from CCC, in line with the one-notch upgrade of the issuer credit rating.
The outlook is stable.
“The stable outlook reflects our expectation that continued good operating performance will cause the company to sustain leverage of around 5x in 2022 and 2023,” S&P said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.