S&P raises First Brands

S&P said it raised its ratings on First Brands Group LLC to B+ from B, its first-lien term loan to B+ from B and its second-lien term loan to B- from CCC+. The 3 recovery rating on the first-lien is unchanged, indicating meaningful recovery (50%-70%, rounded estimate: 65%) in default, and the 6 recovery rating on the second-lien term loan is also unchanged, reflecting negligible recovery (0%-10%, rounded estimate: 0%).

“The upgrade reflects improving operating results, indicating First Brands' success in integrating three large acquisitions it completed during 2020 and the realization of management's restructuring actions. The integration of these large acquisitions demonstrated the company's ability to operate the business during a period of economic uncertainty amid the Covid-19 pandemic and ongoing supply chain disruptions,” S&P said in a press release.

The agency said it sees First Brands’ credit metrics improving slightly.

The outlook is stable.

© 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.