Life Time Debt Upgraded by S&P Global

Rhea-AI Summary

Life Time Group Holdings (NYSE: LTH) announced a credit rating upgrade from S&P Global Ratings, moving from 'CCC+' to 'B-'. This upgrade reflects increased certainty regarding the company's deleveraging path. Life Time reported strong growth in revenue and membership dues, along with improved operating margins. The company is focused on enhancing financial performance while providing exceptional experiences for its members. Life Time operates over 160 athletic country clubs in the U.S. and Canada, supporting a healthy lifestyle for individuals of all ages.

Positive

• Credit rating upgraded to 'B-' from 'CCC+' by S&P Global.
• Increased certainty about the company's deleveraging path.
• Strong growth in revenue and membership dues.
• Improvements in operating margins.

Negative

• None.

CHANHASSEN, Minn., Jan. 23, 2023 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time" or the "Company") (NYSE: LTH) today announced that S&P Global Ratings ("S&P Global") has upgraded the Company's issuer credit rating to 'B-' from 'CCC+'. S&P Global cited "increased certainty around deleveraging path" as a reason for the upgrade.

"We appreciate S&P Global's enhanced rating, which reflects strong growth in our revenue and membership dues, improvements in our operating margins, and the strengthening of our balance sheet," said Life Time Founder, Chairman and CEO, Bahram Akradi. "We remain focused on driving financial performance while delivering an incredible experience and comprehensive offering to our members."

About Life Time^®
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs across the United States and Canada. The company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 30,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.

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SOURCE Life Time Group Holdings, Inc.

FAQ

What was Life Time's credit rating upgrade date?

Life Time's credit rating was upgraded on January 23, 2023.

What new credit rating did Life Time receive from S&P Global?

Life Time received a credit rating upgrade to 'B-'.

What was the previous credit rating of Life Time before the upgrade?

Life Time's previous credit rating was 'CCC+'.

Which company upgraded Life Time's credit rating?

S&P Global Ratings upgraded Life Time's credit rating.

What factors contributed to Life Time's credit rating upgrade?

The upgrade was due to increased certainty around the company's deleveraging path.