S&P pushes up PetIQ

S&P said it lifted its ratings on PetIQ Inc. and senior secured first-lien term loan to B from B-. The recovery rating on the loan is 3, indicating meaningful (50%-70%; rounded estimate: 65%) recovery in default.

“U.S.-based PetIQ Inc. effectively controlled its cost structure in a highly inflationary environment and gained market share in its key categories in 2022, which resulted in a turn of deleveraging and satisfactory cash flow generation.

“S&P Global Ratings expects this positive business momentum will continue as pet owners prioritize spending on pet essentials such as medicine and food; the company's value proposition of affordable pet medications, wellness products, and services should drive positive volume performance,” the agency said in a press release.

The outlook is stable.

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