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S&P affirms New Millennium
S&P said it affirmed its CCC+ corporate credit rating on New Millennium Holdco Inc.
The outlook remains negative.
In addition, the agency affirmed the CCC+ issue-level rating on New Millennium's senior secured term loan. The recovery rating remains 4, indicating an expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of default.
S&P said the affirmation reflects a belief that despite continuing operational pressures facing the company, its substantial cash balance provides it with time to try to improve operations.
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