BOWLING GREEN, Ky.--(BUSINESS WIRE)--Holley Performance Brands (NYSE: HLLY), a leader in automotive aftermarket performance solutions, today announced that S&P Global Ratings (S&P) upgraded Holley’s issuer credit rating to ‘B’ from ‘B-’ and senior secured issue-level rating to ‘B’ from ‘B-’ on June 13, 2024.
S&P highlighted that the upgrade reflects Holley’s improvement in leverage ratio supported by stronger profitability, debt paydown, and more consistent free cash flow generation.
“We are proud of the progress we have made over the past few quarters improving the financial health of Holley,” said Jesse Weaver, Chief Financial Officer, Holley Performance Brands. “The upgrade from S&P denotes a significant milestone as we continue to focus on our key financial priorities. The report recognizes the strengthening of Holley’s balance sheet and our potential to further reduce our cost of capital. We look forward to continuing to execute on our financial priorities while reducing leverage further, driving better profitability and generating improved cash flow.”
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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.