Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance - S&P Global Ratings’ Credit Research

Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance

Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance - S&P Global Ratings’ Credit Research
Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance
Published Apr 09, 2021
4 pages (2091 words) — Published Apr 09, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

North Carolina-based textile manufacturer Elevate Textiles Inc. did better than we had forecasted during a very challenging year, and S&P Global Ratings now expects the company's credit metrics will return to pre-pandemic levels by the end of 2021. We revised our outlook to positive from negative and affirmed all our ratings on Elevate, including our 'CCC+' issuer credit rating. We believe the company has adequate liquidity with $52 million of cash on the balance sheet and $75 million of availability under its $125 million asset-backed lending (ABL) facility. The positive outlook reflects the possibility of an upgrade in the next 12 months, if the economy and consumer demand for apparel continues to recover and the company's credit metrics continue to

  
Brief Excerpt:

...April 9, 2021 - North Carolina-based textile manufacturer Elevate Textiles Inc. did better than we had forecasted during a very challenging year, and S&P Global Ratings now expects the company's credit metrics will return to pre-pandemic levels by the end of 2021. - We revised our outlook to positive from negative and affirmed all our ratings on Elevate, including our '###+' issuer credit rating. - We believe the company has adequate liquidity with $52 million of cash on the balance sheet and $75 million of availability under its $125 million asset-backed lending (ABL) facility. - The positive outlook reflects the possibility of an upgrade in the next 12 months, if the economy and consumer demand for apparel continues to recover and the company's credit metrics continue to strengthen ¡ such that we no longer consider its capital structure to be unsustainable. Under our base case forecast, leverage falls below 8.0x by year-end 2021. CHICAGO (S&P Global Ratings) April 9, 2021--S&P Global...

  
Report Type:

Ratings Action

Ticker
ITXN
Issuer
Elevate Textiles Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance" Apr 09, 2021. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Elevate-Textiles-Inc-Outlook-Revised-To-Positive-From-Negative-On-Better-Than-Expected-Performance-2625609>
  
APA:
S&P Global Ratings’ Credit Research. (). Elevate Textiles Inc. Outlook Revised To Positive From Negative On Better Than Expected Performance Apr 09, 2021. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Elevate-Textiles-Inc-Outlook-Revised-To-Positive-From-Negative-On-Better-Than-Expected-Performance-2625609>
  
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