S&P ups Hayward, rates loan BB-

S&P said it raised Hayward Holdings Inc. to BB- from B+ and assigned BB- and 3 recovery ratings (50%-70%; rounded estimate: 65%) to its planned senior secured term loan.

“The upgrade reflects stronger than expected demand dynamics that will continue to support better operating performance. We believe Hayward will continue to benefit from strong demand for pool equipment as consumers focus on outdoor living and increase pool installations,” S&P said in a press release.

The company will also upsize its unrated asset-based lending revolving credit facility to $425 million from $250 million. “We will withdraw the issue-level ratings on the existing first-lien term loans when this transaction closes. We also withdrew the rating on Hayward Industries Inc.,” the agency said.

The outlook is positive.

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