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S&P ups Reynolds Consumer Products
S&P said it raised the issuer credit rating on Reynolds Consumer Products Inc. to BB+ from BB.
Concurrently, the agency raised the issue-level rating on the senior secured debt to BBB-. The recovery rating remains 2, indicating expectations for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default.
The outlook is stable.
Reynolds has demonstrated strong profit growth and faster-than-expected deleveraging, S&P said.
“We expect the company will further reduce S&P Global Ratings-adjusted leverage to the mid-2x area by the end of 2024 from about 2.7x as of the end of 2023,” the agency said in a news release.
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