Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of Leslie’s Poolmart, Inc.Global Credit Research – 28 Jan 2022New York, January 28, 2022 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Leslie’s Poolmart, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 24 January 2022 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.Leslie’s Poolmart, Inc. ‘s Ba3 corporate family rating reflects its moderate leverage as well as its very good liquidity. It also reflects that the company now has a majority independent board as it private equity owners have reduced their equity stake to around 16%. The company benefits from relatively stable demand of pool and spa maintenance products from a large installed base that diminishes its economic sensitivity, despite its weather dependence. Leslie’s has also experienced significant tail winds from the pandemic as consumers remain focused on their homes and sanitation increased in importance. The increase in pool installations will help support demand for its products in future years. Leslie’s has a leading market share in the US pool and spa care market which serves residential, professional, and commercial consumers. Despite its strength in the category, its limited absolute scale and geographic concentration constrains the rating.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 published in November 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. Christina Boni Senior Vice President Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA 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 USA JOURNALISTS: 1.212.553.0376 Client Service: 1.212.553.1653 © 2022 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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Mike is the owner of the local pool shop. He's been in the business for over 20 years and knows everything there is to know about pools. He's always happy to help his customers with whatever they need, whether it's advice on pool maintenance or choosing the right chemicals. He's also a bit of a pool expert, and is always happy to share his knowledge with anyone who's interested.