S&P cuts Leslie’s rating on restructuring risk
S&P downgraded Leslie’s Poolmart Inc. to 'CCC-' from 'CCC', citing restructuring risks. The company may pursue distressed debt restructuring before its $756M term loan matures in 2027. Leslie’s revenue fell 8.4% YoY in Q3 2026, and it withdrew its 2026 guidance. The company has $207M in liquidity and expects a $19M free cash flow deficit for the year. S&P projects further downgrades if a distressed transaction occurs.


