S&P trims Polymer Additives loans to B-

S&P said it lowered its issue-level rating on Polymer Additives Inc.'s proposed $405 million first-lien term loan and $60 million first-lien revolving credit facility to B- from B and revised the recovery rating on the first-lien senior secured debt to 3 from 2.

The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default.

The rating action follows the company's plan to upsize its first-lien term loan to $405 million from the previously proposed amount of $300 million.

S&P said it also withdrew its ratings on the company's proposed second-lien term loan, because the company no longer plans to issue this tranche.

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