S&P upgrades Inspire

S&P said it raised its ratings on IRB Holding Corp. (Inspire) and its senior secured facilities to B+ from B and the unsecured notes to B- from CCC+. The 3 recovery ratings on the facilities and the notes’ 6 recovery rating are unchanged.

“The upgrade reflects our view that execution risks related to the Dunkin' acquisition have subsided and Inspire will realize cost-saving synergies over the next 12 months. The company has progressed largely in line with its integration plan following its acquisition of Dunkin' about a year ago,” S&P said in a press release.

The agency noted it revised its EBITDA margin forecast upward by more than 100 basis points because of management's steadfast approach to managing expenses.

The outlook is stable.

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