At the same time, S&P raised the issue level rating on the company’s senior secured notes due 2024 from ‘BB-’ to ‘BB’ and the recovery rating to ‘1’ from ‘2’.
S&P cited the company’s strong performance, strong credit metrics and stable outlook as reasons for its new ratings. The upgrade reflects S&P’s view about Warrior’s ability to maintain strong EBITDA margins, low debt leverage and strong free cash flow in 2019.
