Moody's ups Pure Fishing loan to B3

Moody's Investors Service said it raised SP PF Buyer LLC's (Pure Fishing Inc.) senior secured first lien term loan due 2025 rating to B3 from Caa1 and changed the outlook to positive from stable.

“The upgrade to the company's first-lien term loan due 2025 reflects the facility's higher expected recovery under a default scenario benefiting from the loss absorption provided by the increased amount of second-lien debt (unrated),” Moody’s said in a press release.

The outlook reflects the view that Pure Fishing's credit metrics will gradually improve over the next 12-18 months benefiting from continued consumer demand and a replenishing of currently low-channel inventory and from a higher number of fishing participants relative to pre-pandemic levels, Moody’s said.

Concurrently, the agency affirmed Pure Fishing’s Caa1 corporate family and Caa1-PD probability of default ratings.

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