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S&P lifts Serta Simmons secured debt
Standard & Poor’s said it affirmed the B corporate credit rating on Serta Simmons Bedding LLC.
The agency also said it raised the senior secured issue-level rating to BB- from B+ and revised the recovery rating to 1, indicating 90% to 100% expected default recovery, from 2.
The agency also said it affirmed the CCC+ rating on the company’s $650 million senior unsecured notes due 2020. The recovery rating remains at 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
The ratings reflect the company’s overall debt reduction, S&P said.
The company’s operating performance is expected to continue improving with volume growth and favorable mix in primarily its Serta segment from new product introductions, S&P said.
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