S&P lifts Sunny Delight

Standard & Poor's said it raised its corporate credit rating on Sunny Delight Beverages Co. to CCC+ from CCC.

The outlook is developing.

In April, Sunny Delight secured a new, $150 million bank facility, consisting of a $60 million term loan, $50 million bridge loan, $30 million revolving credit facility and $10 million delayed-draw term loan, the agency said, adding that Sunny Delight used the new financing to repay existing debt and to make an $11 million distribution to its preferred equityholders.

According to S&P, the upgrade reflects Sunny Delight's increased financial flexibility, reduced leverage from its recent refinancing and somewhat improved operating performance.

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