...- U.S.-based Valvoline Inc.'s business has shown resilience during the pandemic and recovered quickly from the decline driven by COVID-19. - We expect strong sales and EBITDA growth in fiscal 2021, driven by solid momentum in the Quick Lubes segment and improving volumes in International. - We are revising our outlook to stable from negative and affirming our '##' issuer credit rating on the company. - We are assigning our '##-' issue-level rating to the proposed $535 million senior unsecured notes due 2031. The recovery rating is '5', reflecting our expectation for modest (10%-30%; rounded estimate: 25%) recovery in the event of a payment default. We expect the company to use the net proceeds from these notes, along with cash on balance sheet, to repay the existing $800 million senior unsecured notes due 2025. - At the same time, we are affirming our '###-' issue-level rating on the company's senior secured bank credit facilities, with a '1' recovery rating, and '##-' issue-level rating...
