Moody's upgrades S&S

Moody's Investors Service said it upgraded S&S Holdings, LLC's corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Moody's also affirmed S&S' B2 senior secured first-lien term loan rating, which includes a proposed $150 million add-on, and Caa1 senior secured second-lien term loan rating.

“The CFR upgrade reflects S&S' stronger than expected operating performance which has led to deleveraging through EBITDA growth. Following the LBO, pro forma Moody's adjusted debt/EBITDA was greater than 7x for the LTM period ending Nov. 30, 2020. Pro forma for the proposed debt add-on and acquired company EBITDA, Moody's adjusted debt/EBITDA is approximately 5x for the LTM period ending Sept. 30, 2021,” the agency said in a press release.

The add-on proceeds are expected be used along with balance sheet cash to fund an acquisition.

The outlook remains stable.

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