S&P pulls Knot from watch

S&P said it affirmed its rating for the Knot Worldwide Inc., including the B+ rating on its first-lien credit facility and CCC+ on its second-lien facility, and removed the ratings from CreditWatch with negative implications. The recovery ratings are unchanged.

“While we expect The Knot's debt leverage to peak above 10x in 2020, we believe the company will improve its debt to EBITDA to the low-6x area in 2021 as it returns to growth and improves its operating leverage, particularly in the back half of the year,” the agency said in a press release.

The outlook is negative, which reflects the risk the volume of wedding parties won’t recover by next summer, S&P said.

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