S&P ups Golden Eagle

S&P said it raised Golden Eagle Retail Group Ltd.’s issuer rating to BB+ from BB and the rating on its senior unsecured notes to BB from BB-.

“We upgraded Golden Eagle because we expect the company’s operating results to recover to pre-Covid levels by the end of 2021 and its debt leverage to remain well below 2x. Golden Eagle’s operations have remained sound this year, even though Covid-19 resulted in weak consumer sentiment and declining sales amid store closures,” the agency said in a press release.

Additionally, the company has taken several steps, especially concerning its online segment, that should resonate with consumers in 2021,” S&P said.

The outlook is stable.

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