S&P elevates GPS Hospitality

S&P said it raised the issuer credit rating on GPS Hospitality Holding Co. LLC to B- from CCC+.

At the same time, S&P raised the issue-level rating on the company's $305 million secured credit facility, which includes a revolver maturing in 2023 and a first-lien term loan maturing in 2025, to B- from CCC+. The 3 recovery rating remains unchanged.

The outlook is stable.

“The upgrade reflects GPS' better-than-expected performance trends and its capital structure, which we now view as sustainable,” S&P said in a news release.

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