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S&P upgrades Mattress Firm
Standard & Poor’s said it raised the corporate credit rating on Mattress Firm Holding Corp. to B+ from B.
The agency also said it raised the rating on the company’s term loan to B+ from B. The 3 recovery rating is unchanged and indicates 50% to 70% expected default recovery.
S&P also said it raised the rating on the company’s asset-based revolver to BB from BB-. The 1 recovery rating is unchanged and indicates 90% to 100% expected default recovery.
The outlook is stable.
The company’s credit metrics strengthened ahead of expectations primarily because of EBITDA growth and debt pay-down using internally-generated cash, the agency said.
But, S&P said it remains cautious about the industry’s particular vulnerability to economic headwinds.
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