...- The easing of COVID-19-related restrictions has improved bowling demand, which will likely drive a material increase in Bowlero Corp.'s revenue and EBITDA in fiscal 2022 ending in June. We updated our base-case forecast to incorporate recent positive trends and now expect S&P Global Ratings lease- and preferred share-adjusted leverage will decrease to about 6x in fiscal 2022, which would be a good cushion compared to our 7.5x threshold for the one-notch higher 'B' rating. - As a result, we raised our issuer credit rating and our first-lien debt rating one notch to 'B' from 'B-'. - The stable outlook reflects our belief that the company could maintain adequate cushion compared to our 7.5x downgrade threshold, even if there is moderate demand pullback and modest leveraging acquisitions. In addition, we expect the company will generate modest positive free cash flow in fiscal 2023....
