By Exec Edge Editorial Staff
Moody’s Investors Service said it upgraded Bowlero Corp.’s (NYSE: BOWL) ratings on expectations for “continued good operating performance” and a stable outlook.
Bowlero’s Corporate Family Rating went to B1 from B2 and the Probability of Default Rating to B1-PD from B2-PD, Moody’s said in a statement.
Bowlero’s debt-to-EBITDA leverage has declined rapidly over the last year to about 4.8x due to a strong recovery in operating performance from the pandemic, Moody’s said.
Both revenue and earnings have significantly surpassed the pre-pandemic levels, driven by pent up consumer demand, revenue and cost saving initiatives as well as center renovations and new locations, it said.
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