S&P moves First Brands view to positive

S&P said it changed its outlook for First Brands Group LLC to positive from stable and affirmed the B+ issuer rating.

“The positive outlook on First Brands reflects its increased scale, steady margins, and stable credit metrics despite its very aggressive acquisition strategy. First Brands expects to generate nearly $4 billion of revenues in 2023, up more than 40% from the previous year and 2.5 times bigger than its 2020 revenue base,” S&P said in a press release.

The agency said it forecasts First Brands will keep leverage below 4.5x and FOCF to debt above 5% despite large debt-financed mergers.

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