S&P upgrades Fresh Market

S&P said it upgraded the Fresh Market and its senior secured notes to B- from CCC+, citing a robust operating performance and cash flow.

“The upgrade reflects our belief that TFM’s refinancing prospects have significantly improved. TFM’s operating performance has improved since late 2019, as sales and EBITDA benefited from increased demand for food at home, other stock-up consumer trends during the Covid-19 pandemic, and a 53rd week. Although we think the long-term demand trends remain uncertain, we believe good performance will continue over the near term,” S&P said in a press release.

The outlook is stable.

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