Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Mattress Firm, Inc.Global Credit Research - 26 Mar 2021New York, March 26, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Mattress Firm, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 24 March 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Mattress Firm, Inc.'s B2 corporate family rating reflects the company's moderately high leverage, dependence on cyclical discretionary consumer spending, and narrow product focus in a highly competitive product category. Moody's expects continued growth over the next several quarters, as a result of the ongoing shift in consumer spending towards the home category, however demand could decline when health and safety concerns abate, prompting consumers to resume spending on leisure and entertainment. The ratings also incorporate governance considerations, including the risk associated with control by hedge funds and other former creditors.Nevertheless, the rating benefits from Mattress Firm's recognized brand name and leading position in the mattress retail industry. Mattress Firm's good liquidity over the next 12-18 months also supports the credit, including expectations for solid positive free cash flow, good revolver availability, a springing-covenant only capital structure and a lack of near-term maturities. The company has turned around many aspects of its operations since the bankruptcy restructuring, including closing unprofitable stores, revamping its management team, and the reintroduction of TempurSealy products.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Retail Industry published in May 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Raya Sokolyanska Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Margaret Taylor Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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