S&P upgrades Snap One

S&P said it boosted its ratings for Snap One Holdings Corp., its first-lien term loan and its revolver to B from B-, citing the company’s use of its IPO proceeds to repay debt. The 3 recovery rating is unchanged.

“While other technology hardware providers faced tremendous headwinds due to the Covid-19 pandemic, Snap One was able to achieve a strong financial performance in 2020,” S&P said in a press release.

Snap One’s customers are generally wealthy households that want complex smart home systems that usually require professional installation and can cost upwards of $20,000, the agency noted.

The outlook is stable.

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