S&P downgrades Sage Products loan to B

Standard & Poor's said it affirmed its B corporate credit rating on Sage Products Holdings LLC.

At the same time, the agency revised its recovery rating on the company's increased $649 million first-lien credit facility (including an undrawn $60 million revolving credit line) to 3 from 2 and lowered the issue-level rating to B from B+.

S&P also affirmed its CCC+ issue-level rating with a 6 recovery rating on Sage’s increased $265 million second-lien credit facility.

"The rating reflects our expectation that Sage will sustain its leverage above 5x over the next few years and will remain a relatively small, narrowly focused provider of medical products, despite its leading position within its niche market space," S&P credit analyst Maryna Kandrukhin said in a news release.

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