Moody’s ups Leslie’s Poolmart

Moody’s Investors Service said it upgraded Leslie’s Poolmart, Inc.’s corporate family rating to B1 from B3 and probability of default rating to B1-PD from B3-PD. Concurrently, Moody’s raised Leslie’s Poolmart, Inc. (old) senior secured term loan to B1 from B2. Also, Moody’s assigned a speculative grade liquidity rating of SGL-2.

“The upgrade to B1 reflects governance considerations, particularly Leslie’s recent repayment of $390 million of debt with the proceeds of its initial public equity offering. The upgrade also reflects its improved EBITDA, which when combined with debt repayment has resulted in a sustained improvement in credit metrics,” Moody’s said in a press release.

The outlook remains stable.

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