S&P: Grede Holdings loan BB

Standard & Poor's said it assigned its B+ corporate credit rating to Grede Holdings LLC. The outlook is stable.

At the same time, the agency said it assigned a BB issue-level rating and 1 recovery rating to Grede's $200 million five-year senior secured term loan. The 1 recovery rating indicates an expectation that lenders would receive very high recovery in the event of a payment default.

"The ratings reflect what we consider to be Grede's weak business risk profile and aggressive financial risk profile, according to our criteria," said S&P credit analyst Nishit Madlani in a news release.

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