S&P ups Polyconcept

S&P said it raised its issuer rating for C.B. Poly Investments LLC (Polyconcept) to B- from CCC+. The agency also boosted the ratings on the company's asset-based lending facility, first-lien term loan and second-lien term loan to B+, B- and CCC, respectively. The recovery ratings are unchanged.

“Polyconcept's operating performance is improving. During the second quarter ended June 30, 2021, revenue jumped by over 80%, and adjusted EBITDA climbed to about $28 million from $4.8 million, compared to the same quarter in 2020. It resulted in adjusted debt to EBITDA to fall to 8.7x for the 12 months ended June 31, 2021, from above 10x in the prior quarter,” S&P said in a press release.

The agency said it now forecasts revenue growth in the 20%-21% range and around 9% EBITDA margin expansion in 2021 compared to the previous year, leading to adjusted leverage to improve to the low-7x, down from 9.2x in 2020.

The outlook is negative.

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