High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed - S&P Global Ratings’ Credit Research

High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed

High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed - S&P Global Ratings’ Credit Research
High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed
Published Dec 02, 2022
4 pages (2179 words) — Published Dec 02, 2022
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Healthy operating performance spurred by pricing actions and solid volume growth has allowed Lunenberg, N.S.-based High Liner Foods Inc. to significantly improve its top line and EBITDA compared with our previous expectations. We expect High Liner will maintain a debt-to-EBITDA ratio in the 3.5x-4.0x range through fiscal 2023, which is consistent with our thresholds for an upgrade. As a result, S&P Global Ratings revised the outlook on High Liner to positive from stable. At the same time, we affirmed our 'B' issuer credit rating on the company and our 'B+' issue-level rating on High Liner's senior secured term loan B. The '2' recovery rating on the debt is unchanged, indicating our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in

  
Brief Excerpt:

...December 2, 2022 - Healthy operating performance spurred by pricing actions and solid volume growth has allowed Lunenberg, N.S.-based High Liner Foods Inc. to significantly improve its top line and EBITDA compared with our previous expectations. - We expect High Liner will maintain a debt-to-EBITDA ratio in the 3.5x-4.0x range through fiscal 2023, which is consistent with our thresholds for an upgrade. - As a result, S&P Global Ratings revised the outlook on High Liner to positive from stable. - At the same time, we affirmed our 'B' issuer credit rating on the company and our 'B+' issue-level rating on High Liner's senior secured term loan B. The '2' recovery rating on the debt is unchanged, indicating our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in a default scenario. - The positive outlook indicates the possibility we could raise the ratings on High Liner in the near term as the company continues to sustain improved operating performance by exhibiting resiliency...

  
Report Type:

Ratings Action

Ticker
HLF@CN
Issuer
High Liner Foods Inc.
GICS
Packaged Foods & Meats (30202030)
Sector
Global Issuers
Country
Canada
Region
Canada
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed" Dec 02, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/High-Liner-Foods-Inc-Outlook-Revised-To-Positive-On-Improving-Leverage-B-Rating-Affirmed-2925164>
  
APA:
S&P Global Ratings’ Credit Research. (). High Liner Foods Inc. Outlook Revised To Positive On Improving Leverage; ?B? Rating Affirmed Dec 02, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/High-Liner-Foods-Inc-Outlook-Revised-To-Positive-On-Improving-Leverage-B-Rating-Affirmed-2925164>
  
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