S&P boosts Dayco

S&P said it boosted its ratings for Dayco LLC and its term loan facility to B- from CCC+.

“The upgrade to B- reflects Dayco's financial performance improvement that benefitted from EBITDA margin expansion and FOCF generation during fiscal year 2022. EBITDA margin expansion during fiscal 2022 was driven by the rebound in higher margin aftermarket sales volumes and partial recovery in Dayco's core original equipment manufacturer (OEM) business segment,” S&P said in a press release.

The outlook is stable.

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