S&P upgrades At Home Group

S&P said it raised its corporate credit rating on At Home Group Inc. to B+ from B.

The outlook is stable.

In addition, the agency raised the issue-level rating on the first-lien term loan due 2022 to BB- from B and revised the recovery rating to 2 from 3, indicating an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default.

S&P does not rate the company's $350 million asset-backed revolver due 2022.

“The upgrade reflects favorable performance trends that we expect the company will maintain in the coming year,” the agency said in a news release.

“It also reflects the sizable reduction in ownership by its majority private equity sponsors, AEA and Starr, to around 50%.”

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