S&P ups, rates CB Poly loans B, BB-

S&P said it raised its issuer rating for CB Poly Investments LLC (Polyconcept) to B from B- and rated its planned $800 million first-lien term loan B with a 3 recovery rating. The agency also assigned BB- with a 1 recovery rating to its planned $125 million asset-based lending revolving credit facility.

“The upgrade reflects Polyconcept's improved operating performance, lower leverage, and refinancing of near-term maturities. Polyconcept has outperformed our expectations in recent quarters, with EBITDA growth leading to leverage notably below our previous 6.5x upside trigger. As of fiscal 2021, we estimate adjusted leverage at 5.9x, declining from the 9.2x high of the previous pandemic year,” the agency said in a press release.

Polyconcept plans to use the first-lien loan to refinance its capital structure.

The outlook is stable.

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