Moody's ups Herschend Entertainment

Moody's Investors Service said it upgraded Herschend Entertainment Co., LLC's corporate family rating and senior secured term loan rating to B1 from B2 and changed the outlook to positive from stable.

“The upgrade of the CFR and positive outlook reflect Moody's expectation that leverage will continue to decrease to the 3x range in 2023 driven by good consumer demand and additional investments in the parks and resort properties. Herschend's operating performance has improved above pre-pandemic levels and led to a reduction in leverage to 3.5x as of Q2 2022 driven by ongoing consumer demand and pricing initiatives which are likely to continue through 2023,” the agency said in a press release.

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