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S&P shifts Shearer’s Foods view to positive
S&P said it revised the outlook for Shearer’s Foods LLC to positive from stable on the company’s operating results.
“We expect Shearer’s Foods to outperform our previous forecast for 2019 given improved year-to-date performance and $72 million of debt repayment, which has lowered leverage to 12x from 16x and strengthened EBITDA coverage of cash interest to 2x from 1.3x,” S&P said in a press release.
The agency said it affirmed all other ratings, including the B- issue-level rating on the first-lien term loan with a proposed maturity extension to March 2022 and the CCC issue-level rating on the second-lien term loan.
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