Standard & Poor's Ratings
Services today raised its corporate credit rating on Waterbury, Vt.-based
Keurig Green Mountain Inc. GMCR to 'BB' from 'BB-'. We also raised the issue-level
ratings on the company's senior secured credit facilities to 'BBB-' from
'BB+'. The recovery rating remains '1', indicating our expectations for very
high (90% to 100%) recovery in the event of a payment default. At the same
time, we removed all of our ratings on the company from CreditWatch with
positive implications, where they had been placed on Feb. 7, 2014, following
the collaboration agreement announcement. The outlook is stable.
"The upgrades reflect our belief that this transaction strengthens Keurig's
business risk profile," said Standard & Poor's credit analyst Bea Chiem.
We estimate that as of Dec. 28, 2013, the company had roughly $322 million in
operating lease-adjusted debt outstanding.
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