S&P rates ICSH Parent facility B

S&P said it assigned its B corporate credit rating to ICSH Parent Inc.

The outlook is stable.

At the same time, the agency assigned a B issue-level ratings and 3 recovery ratings to the company's proposed first-lien credit facility, which consists of a $40 million revolving credit facility, a $360 first-lien term loan and a $65 million first-lien delayed-draw term loan. The 3 recovery ratings indicate an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of a default.

The company's second-lien credit facility is unrated.

"The stable outlook on ICSH Parent reflects our expectation that improving petrochemical and chemical end-markets and a sustained recovery in steel prices will support overall sales volumes. We expect the company to continue aggressively pursuing bolt-on acquisitions, but nothing that would cause credit metrics to remain elevated for a prolonged period of time," S&P credit analyst Daniel Lee said in a news release.

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