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S&P gives Belcan loan CCC+
S&P said it assigned Propulsion Acquisition LLC’s (Belcan) amended and restated $430.8 million first-lien term loan due 2024 a CCC+ rating with a 3 recovery rating. The recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 60%) in a default scenario.
The amendment extended the loan to July 2024 from July 2021 and loosened its first-lien net leverage covenant. “However, we still expect credit metrics to remain weak for 2020 and into 2021,” S&P said in a press release.
S&P affirmed Belcan’s CCC+ rating.
The outlook is stable.
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