S&P lifts Miller's Ale House

S&P said it raised its ratings for Miller's Ale House Inc. and its term loan facility and revolver to B- from CCC+.

“The upgrade reflects Miller's better-than-expected performance trends and revolver extension. The company's extension of its undrawn revolver's maturity to 2025 will mitigate its liquidity risk by providing it with access to additional reserves during periods of economic uncertainty. We expect Miller's credit metrics will improve this year as it increases its sales volumes by more than 15%, which will support an improvement in its operating leverage and a double-digit percent rise in its S&P Global Ratings-adjusted EBITDA,” the agency said in a press release.

The agency said it projects Miller’s S&P Global Ratings-adjusted leverage will hover in the mid-5x area in 2022 before improving to 5x or below in 2023.

The outlook is stable.

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