S&P rates ABB/Con-Cise loan B

Standard & Poor's said it assigned a B corporate credit rating to ABB/Con-Cise Optical Group LLC, along with a B rating to the $155 million senior secured credit facilities.

The recovery rating on the senior secured credit facilities is 3, indicating 50% to 70% expected recovery in a default.

The outlook is stable.

The ratings reflect the company's weak business risk profile associated with its participation in the highly competitive contact lens distribution industry; its lack of product, supplier and geographic diversity; low barriers to entry; and the ability of customers to switch distributors fairly easily, S&P said.

These factors result in highly competitive pricing and low profit margins, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.