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S&P upgrades SiteOne Landscape
S&P said it upgraded SiteOne Landscape Supply Inc.’s issuer rating to BB from BB- and its first-lien term loan to BB+ from BB.
SiteOne lowered its debt burden by 50% by using proceeds from an August equity sale to pay down debt during the second half of the year, which reduced adjusted leverage to 1.6x (as of Dec. 31, 2020) from 3x a year ago, S&P said.
“We believe this substantial deleveraging demonstrates the company's commitment toward operating at lower target leverage thresholds,” S&P said in a press release.
The outlook is stable.
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