S&P boosts Anastasia Holdings

S&P said it boosted its ratings on Anastasia Holdings LLC and its senior secured credit facility to CCC+ from CCC. The facility’s 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in default.

“The upgrade reflects our view that although the company's capital structure remains unsustainable, the likelihood that it would default in the next 12 months has decreased. Financial performance has exceeded our previous forecast, but credit metrics remain very weak, with leverage of 19.3x (9x excluding preferred stock, which we include as debt) as of the 12 months ended Sept. 30, 2021,” the agency said in a press release.

S&P noted Anastasia delivered $24 million in free operating cash flow for year-to-date Sept. 30 compared with a previous forecast of negative free operating cash flow for fiscal 2021.

The outlook is negative.

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