Moody’s Ratings Upgrades Holley’s CFR to B2; Outlook Stable
09 Août 2024 - 8:02PM
Business Wire
Holley Performance Brands (NYSE: HLLY) (Holley), a leader in
automotive aftermarket performance solutions, today announced that
Moody’s Ratings (Moody’s) upgraded Holley's corporate family rating
(CFR) to B2 from B3, probability of default rating to B2-PD from
B3-PD and senior secured ratings to B2 from B3, noting that the
outlook remains stable and the speculative grade liquidity (SGL)
rating is unchanged at SGL-2.
Moody’s highlighted that the rating upgrade and stable outlook
reflect their expectation that Holley will maintain healthy
profitability and moderate financial leverage while generating
solid free cash flow over the next 12 – 18 months. Moody’s report
states, “Despite revenue headwinds persisting in 2024, Holley has
executed on operational initiatives to improve its earnings and
free cash flow, which the company used to repay debt.”
"We continue to make progress on our financial priorities. Our
balance sheet is continuing to get stronger and our free cash flow
remains robust," stated Jesse Weaver, CFO of Holley Performance
Brands. "The recent upgrades from both Moody’s and S&P affirm
that the strides we’ve made financially are acknowledged by leading
rating agencies. We're committed to staying the course on our
strategy of decreasing debt, enhancing profitability, and
generating strong free cash flow."
For more Holley company news, click here.
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks, uncertainties, and other important factors which
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including
but not limited to Holley’s ability to (1) successfully design,
develop, and market new products, (2) maintain and strengthen
demand for our products, (3) attract new customers in a
cost-effective manner, (4) expand into additional consumer markets,
and (5) and the other risks and uncertainties set forth in the
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the U.S. Securities and Exchange Commission (“SEC”) on
March 14, 2024, and in any subsequent filings with the SEC.
About Holley Performance
Brands Holley Performance Brands (NYSE: HLLY) leads in
the design, manufacturing and marketing of high-performance
products for automotive enthusiasts. The company owns and manages a
portfolio of iconic brands, catering to a diverse community of
enthusiasts passionate about the customization and performance of
their vehicles. Holley Performance Brands distinguishes itself
through a strategic focus on four consumer vertical groupings,
including Domestic Muscle, Modern Truck & Off-Road, Euro &
Import, and Safety & Racing, ensuring a wide-ranging impact
across the automotive aftermarket industry. Renowned for its
innovative approach and strategic acquisitions, Holley Performance
Brands is committed to enhancing the enthusiast experience and
driving growth through innovation. For more information on Holley
Performance Brands and its dedication to automotive excellence,
visit https://www.holley.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240809843921/en/
Media Relations Contact(s): Paul Oakley,
poakley@tinymightyco.com / Rachel Withers,
rwithers@tinymightyco.com
Investor Relations Contacts: Anthony Rozmus / Neel Sikka
Solebury Strategic Communications 203-428-3224
Holley@soleburystrat.com
Holley (NYSE:HLLY)
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