PMHC II Inc. Upgraded To 'B-' On Better-Than-Expected Performance And Forecast For Continued Improvement, Outlook Stable

PMHC II Inc.'s (doing business as Prince International Corp.) 2020 earnings exceeded our previous expectations due to its cost-savings measures and favorable product mix. We expect the company's EBITDA and credit measures will continue to improve in 2021 supported by an increase in its volumes and the ongoing macroeconomic recovery. Therefore, we raised our issuer credit rating on Prince to 'B-' from 'CCC+' and all of our issue-level ratings on its debt by one notch. All of our recovery ratings on the company's debt are unchanged. The stable outlook reflects our expectation that the improvement in Prince's volumes and demand, combined with its stable debt levels, will lead to a modest improvement in its weighted-average credit measures such that it

...May 6, 2021 - PMHC II Inc.'s (doing business as Prince International Corp.) 2020 earnings exceeded our previous expectations due to its cost-savings measures and favorable product mix. We expect the company's EBITDA and credit measures will continue to improve in 2021 supported by an increase in its volumes and the ongoing macroeconomic recovery. - Therefore, we raised our issuer credit rating on Prince to 'B-' from '###+' and all of our issue-level ratings on its debt by one notch. All of our recovery ratings on the company's debt are unchanged. - The stable outlook reflects our expectation that the improvement in Prince's volumes and demand, combined with its stable debt levels, will lead to a modest improvement in its weighted-average credit measures such that it maintains S&P Global Ratings-adjusted debt to EBITDA in the 6x-7x range. NEW YORK (S&P Global Ratings) May 6, 2021--S&P Global Ratings today took the rating actions listed above. The rating action follows our updated forecast,...

Ratings Action