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S&P rates Atkore loan BB+
S&P said it gave Atkore International Inc.’s expected term loan due 2028 BB+ and 1 recovery ratings.
The agency rates Atkore’s outstanding $925 million first-lien term loan due 2023 BB with a 3 recovery rating.
Concurrently, S&P affirmed Atkore’s BB- issuer rating and revised the outlook to positive from stable.
“Atkore's debt leverage will likely improve to below 1.5x in 2021 and potentially stay below 2.5x in 2022. This incorporates our projection for about $650 million-$700 million annually of adjusted EBITDA in 2021 and about $400 million to $450 million of adjusted EBITDA in 2022,” S&P said in a press release.
The outlook reflects an expectation for strong credit measures in 2021, which are expected to return to more normalized, albeit slightly higher than historical, levels in 2022 and 2023 as end markets and metal prices balance, S&P said.
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