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S&P ups Simply Good loans
S&P said it raised it raised the ratings on the Simply Good Foods Co.’s senior secured credit facilities to BB from BB- and revised the recovery rating to 1 (rounded recovery: 95%) from 2. The upgrade and revision reflect the company's repayment of first-lien debt, improving recovery prospects in default.
Concurrently, the agency affirmed Simply Good Foods’ B+ issuer rating.
“We estimate for the fiscal year ended Aug. 28, 2021, leverage declined to about 3.2x (2.4x excluding its warrant liability) from about 4.1x in the prior year, pro forma for the acquisition of Quest Nutrition LLC,” S&P said in a press release.
The outlook is stable.
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