S&P boosts Holley Purchaser

S&P said it upgraded its ratings for Holley Purchaser Inc. and its secured debt to B from B-. The recovery rating on the debt is 3, and the outlook is positive.

“The upgrade and positive outlook reflect lower leverage from strong operating results and the paydown of $100 million of debt following Holley's merger with Empower to become a public company. We now forecast Holley's leverage (debt to EBITDA) to be below 5x this year, falling toward 4x in 2022. We expect the lower leverage to be more sustainable as Holley has transitioned from private equity ownership to public,” the agency said in a press release.

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