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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of TGP Holdings III LLCGlobal Credit Research - 14 Dec 2021New York, December 14, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of TGP Holdings III LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 7 December 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.TGP Holdings III LLC's ("Traeger") (B2 CFR) credit profile reflects the company's moderate leverage, modest scale, narrow product focus, limited product and geographic diversification, and risks associated with private equity ownership. The discretionary nature of the company's relatively expensive grills and accessory products is also a constraint. Traeger's credit profile benefits from its leading market share within the niche wood pellet grill industry and solid brand strength driven by high product quality and good liquidity. Traeger also has a sizable consumables business of pellets, rubs and sauces that is more resilient to cyclical downturns. The company also benefits from low US grill penetration rates that have grown over the past three years. Traeger reported strong sales over the past 18 months and we expect that the company will continue to exhibit good operating performance over the next 12 to 18 months as it expands its relationships with large national retailers and e-commerce companies. There are risks to the sustainability of this performance as easing of the pandemic will lead to consumers returning to a more normalized level of away-from-home activities. Demand for the company's grills and pellets increased during the pandemic as consumers cooked more at home and spent less of their disposable income on dinning out and travel.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 Consumer Durables published in September 2021. 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. Oliver Alcantara Asst Vice President - 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 John E. Puchalla, CFA 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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