That was an upgrade from the B-plus rating it had assigned to the credit before the IPO. S&P is expecting the company's adjusted debt-to-Ebitda, or earnings before interest, tax, depreciation and amortization, to fall to about 3.5 times to 3.8 times by year-end, from an expected 5.6 times to 5.7 times at the end of 2023. The rating 'is supported by our view that the company maintains a moderately strategic status for its majority shareholder ANTA Sports (44.5% equity stake post-IPO). We therefore expect the controlling shareholder will continue supporting Amer Sports' expansion in Asia-Pacific and provide extraordinary support in some foreseeable circumstances," the rating agency said. Investors seemed to like the deal on Tuesday, with the stock last up 5.8% at $15.45, or 19% above its IPO price. The Renaissance IPO exchange-traded fund IPO has gained 16.6% in the last 12 months, while the S&P 500 SPX has gained 20%.