AIS HoldCo LLC (d/b/a Franklin Madison) performed well in 2020 despite the pandemic and experienced the first year of growth after the spin-off from Affinion. We affirmed our 'B' issuer credit ratings on Franklin Madison and revised the outlook to stable from negative. We raised our debt rating and revised the recovery rating on the first-lien credit facility to 'B+' and '2', respectively. The stable outlook reflects our expectation for metrics to remain in line with leverage below 7.0x and coverage above 2.0x supported by top-line growth, stable to improving margins, and continued debt paydowns. On June 24, 2021, S&P Global Ratings affirmed its 'B' issuer credit rating on AIS HoldCo LLC (d/b/a Franklin Madison) and revised the outlook to
