Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised - S&P Global Ratings’ Credit Research

Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised

Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised - S&P Global Ratings’ Credit Research
Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised
Published Dec 09, 2024
8 pages (3310 words) — Published Dec 09, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Salt Lake City-based outdoor grill manufacturer Traeger Inc. is performing in line with our expectations, and revenue growth and free operating cash flow (FOCF) have turned positive in its most recent quarter, ended Sept. 30, 2024. Its credit metrics continue to improve, including debt to EBITDA improving to 5.8x and EBITDA interest coverage of 2.1x for the 12 months ended Sept. 30, 2024, As such, we raised our issuer credit rating on Traeger to 'B-?, from ?CCC+?, and raised our issue-level rating on Traeger?s first-lien secured debt to ?B-? from ?CCC+?, with the recovery rating remaining ?3? (55% expected recovery). The stable outlook reflects our expectation the company can sustain credit metrics at current levels over the next 12 months

  
Brief Excerpt:

...Salt Lake City-based outdoor grill manufacturer Traeger Inc. is performing in line with our expectations, and revenue growth and free operating cash flow (FOCF) have turned positive in its most recent quarter, ended Sept. 30, 2024....

  
Report Type:

Research Update

Ticker
COOK
Issuer
Traeger Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised" Dec 09, 2024. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Traeger-Inc-Upgraded-To-B-From-CCC-On-Improving-Credit-Metrics-Outlook-Stable-Debt-Ratings-Raised-3297267>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Traeger Inc. Upgraded To 'B-' From 'CCC+' On Improving Credit Metrics; Outlook Stable; Debt Ratings Raised Dec 09, 2024. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Traeger-Inc-Upgraded-To-B-From-CCC-On-Improving-Credit-Metrics-Outlook-Stable-Debt-Ratings-Raised-3297267>
  
US$ 225.00
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