S&P gives BB to Harsco notes

Standard & Poor’s said it assigned an issue-level rating of BB and recovery rating of 3 to Harsco Corp.’s $250 million proposed senior notes due 2020.

The recovery rating of 3 indicates an expectation of meaningful (50% to 70%; higher half of the range) recovery in the event of a payment default. Upon the 2015 notes’ repayment, the maturity of the revolving credit facility will be extended to June 2, 2019.

The BB corporate credit rating and negative outlook on Harsco Corp. are unaffected.

S&P said the ratings on Harsco reflect the company’s market-leading positions in its niche businesses and challenged metals and minerals segment.

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