S&P lifts Deliver Buyer view to positive

S&P said it revised the outlook on Deliver Buyer Inc. to positive from stable.

The agency also said it affirmed the B corporate credit rating on the company.

S&P said it affirmed the B rating on the company's first-lien credit facility.

This consists of a proposed $25 million add-on to the $240 million term loan B due 2024 and the $25 million revolving credit facility, which includes proposed incremental capacity of $60 million.

The 3 recovery rating on the term loan is unchanged, indicating 50% to 70% expected default recovery.

The outlook revision reflects an expectation that credit metrics will continue to improve over the next 12 to 18 months due to a healthy pipeline of contracted project work, supported by e-commerce growth and related demand for parcel-sortation capabilities, S&P said.

These trends support expectations that the company's debt-to-EBITDA ratio will decline to adjusted leverage of about 4.0x in 2017 and 2018, the agency said.

Fiscal 2017 results have thus far been better than expected due to revenue growth and margin improvement beyond prior expectations, S&P said.

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