S&P rates Greatbatch loan B+, notes B-

Standard & Poor’s said it assigned its B+ corporate credit rating to Greatbatch Inc. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating to Greatbatch’s $1.525 billion credit facility, which consists of a $200 million revolver, a $300 million term loan A and a $1.025 billion secured term loan B. The senior secured recovery rating is 3, indicating an expectation of meaningful (50% to 70%, at the higher end of the range) recovery in the event of payment default.

S&P also assigned a B- issue-level rating to Greatbatch’s $435 million senior unsecured notes. The senior unsecured recovery rating is 6, indicating an expectation for negligible (0% to 10%) recovery in the event of payment default.

“Our rating on Greatbatch reflects our assessment of the company’s business risk profile as ‘fair’ and the financial risk profile as ‘aggressive,’” said S&P credit analyst David Kaplan in a news release.

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