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S&P boosts Grocery Outlet
S&P said it boosted its issuer rating for GOBP Holdings Inc. (Grocery Outlet) to BB- from B+ and its term loan facility to BB+ from BB-, noting that Grocery Outlet beat forecasts through the second quarter of 2022 and repaid $75 million in its first-lien term loan facility debt.
“Sales increased at a double-digit rate for the first half of the year compared to the prior-year period, helping lead to trailing-12-month sales growth of nearly 6%. In addition, S&P Global Ratings-adjusted EBITDA gained more than 11% in the first half of the year and expanded by about 6% for the trailing months. We had previously expected a high single-digit sales increase and relatively flat to modestly positive adjusted EBITDA,” the agency said in a press release.
S&P said it sees Grocery Outlet’s adjusted leverage will be under 4x by the end of the year and then sustained below that level.
The outlook is stable.
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