S&P: GSCP unchanged

Standard & Poor's said its B long-term counterparty credit rating on GSCP (NJ) LP are unaffected by the company's recent announcement that it will increase its existing senior term loan facility maturing in 2012 and its senior revolving credit facility.

The proceeds of the increased credit facilities will be used to partially refinance the company's existing preferred partnership interest and to support business growth, the agency said.

While the larger size of the credit facilities exacerbates an already highly levered balance sheet, it does not impair the company's interest coverage, which remains relatively unchanged owing to the substantially lower coupon on remaining preferred notes, S&P noted.

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