SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB' - S&P Global Ratings’ Credit Research

SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB'

SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB' - S&P Global Ratings’ Credit Research
SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB'
Published Jul 10, 2017
4 pages (1782 words) — Published Jul 10, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based landscape supply distributor SiteOne Landscape Supply Inc. is executing its growth strategy with strong operational and financial performance supported by favorable trends in the U.S. residential and nonresidential construction markets. At the same time, the company's financial policies and credit quality are no longer materially constrained by its owners given more board independence and a reduced ownership stake by private equity firm Clayton, Dubilier&Rice (CD&R) and Deere&Company. As a result, we are raising our corporate credit rating on SiteOne to 'BB-' from 'B+' and our issue-level rating on the company's first-lien term loan to 'BB' from 'BB-'. The recovery rating on the term loan remains '2'. The stable outlook reflects our expectation that the company

  
Brief Excerpt:

...+ U.S.-based landscape supply distributor SiteOne Landscape Supply Inc. is executing its growth strategy with strong operational and financial performance supported by favorable trends in the U.S. residential and nonresidential construction markets. + At the same time, the company's financial policies and credit quality are no longer materially constrained by its owners given more board independence and a reduced ownership stake by private equity firm Clayton, Dubilier & Rice (CD&R) and Deere & Company. + As a result, we are raising our corporate credit rating on SiteOne to '##-' from 'B+' and our issue-level rating on the company's first-lien term loan to '##' from '##-'. The recovery rating on the term loan remains '2'. + The stable outlook reflects our expectation that the company will continue to improve credit measures over the next 12 months, with adjusted funds from operations (FFO) to debt of roughly 22% and debt to EBITDA of about 3x over this time frame. NEW YORK (S&P Global Ratings)...

  
Report Type:

Ratings Action

Ticker
SITE
Issuer
SiteOne Landscape Supply, Inc.
GICS
Trading Companies & Distributors (20107010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB'" Jul 10, 2017. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SiteOne-Landscape-Supply-Inc-Rating-Raised-To-BB-Outlook-Stable-Debt-Rating-Raised-To-BB-1880368>
  
APA:
S&P Global Ratings’ Credit Research. (). SiteOne Landscape Supply Inc. Rating Raised To 'BB-', Outlook Stable; Debt Rating Raised To 'BB' Jul 10, 2017. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SiteOne-Landscape-Supply-Inc-Rating-Raised-To-BB-Outlook-Stable-Debt-Rating-Raised-To-BB-1880368>
  
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