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S&P ups Green Mountain Coffee
Standard & Poor's said it raised the ratings on Green Mountain Coffee Roasters Inc.'s $1.25 billion senior secured credit facilities, consisting of a $1 billion revolver and $250 million term loan A due 2016, to BB from BB-.
The agency also said it revised the recovery rating to 1 from 2, indicating 90% to 100% expected default recovery.
The rating revisions are due to the company's increase in EBITDA and resultant higher implied enterprise value and an expectation that debt levels will remain low at default, S&P said.
The action also follows a review of the issue-level ratings on Green Mountain's senior secured credit facilities, the agency said.
The company's B+ corporate credit rating remains unchanged.
The ratings consider its aggressive financial risk profile and weak business risk profile, S&P said.
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