S&P rates Global Brass notes B

Standard & Poor's said it affirmed the B+ corporate credit ratings on Global Brass and Copper Inc.

The agency also said it assigned a B rating and 5 recovery rating to the company's proposed $375 million senior secured notes due 2019.

The 5 recovery rating indicates 10% to 30% expected recovery in a default.

The outlook is stable.

The proceeds will be used to refinance the existing term loan and fund a distribution to shareholders, S&P said.

The affirmation and stable outlook reflect a view that the company's operating performance should be strong enough to maintain credit metrics within expectations for the B+ rating with adequate liquidity to pay any near-term financial obligations, S&P said.

The ratings also reflect the company's weak business risk and aggressive financial risk, the agency said.

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