S&P elevates High Liner Foods

S&P said it raised its issuer credit rating on High Liner Foods Inc. to B+ from B and the issue-level rating on its senior secured term loan to BB- from B+. The 2 recovery rating on the term loan is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in a default scenario.

The outlook is stable.

“The stable outlook reflects our expectation for improved EBITDA generation, supported by the company exposure to the foodservice segment and operating efficiency, which should improve its S&P Global Ratings-adjusted debt to EBITDA to the 2.75x-3.00x range for the next 12 months,” S&P said in a news release.

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