S&P ups Perimeter Solutions

S&P said it raised the issuer rating for SK Invictus Intermediate II Sarl (Perimeter Solutions) to B from B-.

Simultaneously, the agency upgraded its first-lien credit facility to B+ from B. The recovery rating remains 2, indicating substantial (70%-90%; rounded estimate: 75%) recovery in default. Also, S&P raised the second-lien term loan to CCC+ from CCC. The recovery rating is unchanged at 5, reflecting expectations of negligible (0%-10%; rounded estimate: 0%) recovery in default.

The upgrade reflects the company’s better-than-expected operating performance through nine months of 2020, leading to a revision of our expectations for full-year 2020 operating results to be much stronger than previously forecast. As a result, leverage has significantly improved, and we expect the company’s debt to EBITDA of around 5x for 12 months ended September 2020, as compared to approaching double-digit percents previously,” S&P said in a press release.

The outlook is stable.

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