S&P rates Cyanco B, facilities B+, CCC+

S&P said it assigned its B corporate credit rating to Cyanco Intermediate 2 Corp.

The outlook is stable.

At the same time, the agency assigned its B+ issue-level rating and 2 recovery rating (70%-90%; rounded estimate 70%) on the company's first-lien credit facilities, consisting of a $50 million revolver and $380 million term loan.

The agency also assigned its CCC+ issue-level rating and 6 recovery rating (0%-10%; rounded estimate 0%) on the company's $100 million second-lien term loan.

S&P said it expects to withdraw the issue-level ratings on the company's existing debt when it is fully repaid upon close of the transaction and will also withdraw the existing corporate credit rating on Cyanco Intermediate Corp. at that time.

The agency said the corporate credit rating and stable outlook reflect a view that the sale to Cerberus does not result in significant changes to the company's credit risk.

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