Academy Gets S&P Upgrade after IPO Filing
Standard & Poor’s raised its issuer-credit rating for Academy parent New Academy Holding Co. LLC to B- from CCC+ citing lower refinancing risks as the retailer prepares for its public offering. The rating on its senior secured term loan was also upped to B- from CCC+, with an expectation for about 40% recovery in the event of a payment default. Academy could be upgraded or downgraded, depending on its success refinancing the $1.469 billion term loan that comes due in July 2022. The ... Log in to view full article.