S&P changes Hayward Industries view to stable

S&P said it revised the outlook on Hayward Industries Inc. to stable from negative and affirmed the B ratings on the company and its first-lien term loan with $958 million outstanding maturing in August 2024. The recovery rating on this debt is 3 (50% to 70%, rounded estimate: 50%), indicating a meaningful recovery.

“The outlook revision to stable reflects Hayward's better-than-expected operating performance, leading to leverage declining below 7x earlier than our prior expectations. Hayward's sales rose by 14% during the second quarter of fiscal 2020, following a 17% increase in the first quarter, driven by robust performance in North America, which experienced sales growth of 25% in the second quarter,” S&P said in a press release.

The agency also affirmed the CCC+ issue rating on the second-lien term loan $205 million with outstanding maturing in August 2025. The 6 recovery rating (0% to 10%, rounded estimate: 5%) on this debt indicates a negligible recovery.

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