S&P raises Water Pik loans to B+

Standard & Poor's said it affirmed its B corporate credit rating on Water Pik Inc. and raised its issue-level ratings on the $240 million first-lien senior secured credit facilities to B+ from B.

The recovery ratings were revised to 2, indicating an expectations of substantial (70% to 90%) recovery at the lower half of the range in the event of a payment default, from 3.

The CCC+ issue-level rating on the company's $95 million second-lien term loan was affirmed and the recovery ratings remain 6, indicating an expectations for negligible (0% to 10%) recovery in the event of a payment default.

The outlook is stable.

"The higher ratings reflect the company's debt repayment on its first-lien term loan," S&P credit analyst Bea Chiem said in a news release.

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