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S&P rates Academy Sports BB-
S&P said it assigned a BB- issuer credit rating to Academy Sports and Outdoor Inc., the public parent of New Academy Holding Co. and Academy Ltd.
Concurrently, the agency boosted all other ratings including the issuer credit rating on New Academy to BB- from B+ and raised the issue-level rating to BB- commensurate with the issuer credit rating. The recovery rating on the debt remains 3 (55%). S&P withdrew its New Academy ratings.
“Our ratings reflect better-than-expected sales and EBITDA generation, contributing to a significant improvement in credit metrics, which we expect the company to sustain despite moderating performance in 2022. Academy's operating performance over the past year benefited from its market position as a value-oriented retailer along with increased customer traffic and demand for sporting goods and outdoor equipment. Sales growth increased 20% for the 12-month period ended Oct. 30, 2021, while S&P Global Ratings' adjusted EBITDA increased more than 80% to more than $950 million,” S&P said in a press release.
The outlook is stable.
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