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S&P lifts Performance Food, rates notes BB-
S&P said it raised its corporate credit rating on Performance Food Group Inc. to BB- from B+. The outlook is stable.
At the same time, S&P assigned a BB- issue rating to the company’s proposed $350 million senior unsecured notes due 2024, with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%, upper half of range) recovery in the event of a payment default.
In addition, S&P raised the issue rating on the company’s senior secured ABL to BB+ from BB. The recovery rating on the ABL remains 1, indicating an expectation for very high (90% to 100%) recovery in the event of a payment default.
“While the transaction is leverage neutral, the upgrade reflects our expectation that PFG will maintain the solid operating performance that is driving strong EBITDA growth and steady credit ratio improvement,” said S&P analyst Brennan Clark in a news release.
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