S&P rates Crosby facilities B, CCC+

Standard & Poor's said it assigned Crosby Worldwide Ltd. a corporate credit rating of B.

The outlook is stable.

At the same time, the agency assigned Crosby US Acquisition Corp.'s $595 million first-lien senior secured credit facilities its B issue-level rating with a recovery rating of 3, indicating an expectation for meaningful (50%-70%) recovery in the event of a payment default.

The facilities consist of a $530 million first-lien term loan and a $65 million revolver.

In addition, S&P assigned Crosby US Acquisition Corp.'s $120 million second-lien term loan its CCC+ issue-level rating with a recovery rating of 6, indicating an expectation for negligible (0%-10%) recovery in the event of a payment default.

S&P said the ratings on Crosby Worldwide Ltd. reflect its view of the company's "highly leveraged" financial risk profile and its "weak" business risk profile. The agency's assessment of the financial risk profile as highly leveraged reflects the company's pro forma leverage of slightly more than 6x.

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