S&P upgrades SBP Holdings

S&P said it raised the issuer credit rating on SBP Holdings LP to B- from CCC+ to reflect its increased scale, improved business profile and the supportive conditions in its macroeconomic environment.

The outlook is stable.

The agency also said it is raising the rating on SBP's senior secured first-lien term loan to B- from CCC+.

The 3 recovery rating is unchanged.

S&P also said it raised the rating on its senior secured second-lien term loan to CCC from CCC-.

The 6 recovery rating is unchanged.

SBP Holding has continued to make meaningful progress in diversifying its product mix and end-market exposure away from its previous concentration in the oil and gas industry through leverage-neutral acquisitions, the agency said.

The stable outlook reflects an expectation that SBP will maintain its solid operating performance supported by the successful integration of its recent acquisitions, the agency said.

S&P also said it anticipate that the company will sustain its solid EBITDA margins and adequate liquidity and address its 2021 debt maturities in a timely manner.

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