Innovation Ventures LLC #B+# Corporate And #BB# Debt Ratings Ratings Withdrawn At Company#s Request

Stocks and Financial Services Press Releases Tuesday April 18, 2017 09:16
NEW YORK--18 Apr--S&P Global Ratings

NEW YORK (S&P Global Ratings) April 17, 2017--S&P Global Ratings today affirmed its 'B+' corporate credit rating and 'BB' issue-level rating on Innovation Ventures LLC's $100 million revolving credit facility and $450 million term loan, both due in 2021. We subsequently withdrew all ratings at the request of the company.

"We believe the company's operating performance and credit measures outlook remain largely unchanged from September 2016, when it completed a refinancing that included the $100 million revolving credit facility and $450 million term loan, and reflect our expectation that the company will maintain debt to EBITDA below 2x and funds from operations (FFO) to debt of at least 50% through 2017," said S&P Global Ratings credit analyst Francis Cusimano.

The affirmation also reflects the company's narrow product line and reliance on a single brand, the ongoing risk of legal action, negative publicity related to its products, and a lack of governance controls. The company is a single-product business within a niche category in the U.S. Its 5-hour Energy product accounts for 100% of the company's revenue.


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