S&P raises Resideo Technologies

S&P said it raised its ratings for Resideo Technologies Inc. and its senior unsecured debt to BB+ from BB and affirmed the BBB- rating on its first-lien secured debt.

“We forecast Resideo will maintain S&P Global Ratings-adjusted leverage of about 2x, which is a level we view as aligned with our BB+ issuer credit rating. Our leverage expectation incorporates our forecast for a low-teens percent increase in the company's revenue and an approximately 25% expansion in its S&P Global Ratings-adjusted EBITDA in 2022. This follows the 15% improvement in its revenue and material EBITDA growth it reported in 2021 relative to 2020, when its results were negatively affected by the coronavirus pandemic,” S&P said in a press release.

The outlook is stable.

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