S&P assigns B to Heritage-Crystal Clean loan

S&P said it assigned a B long-term issuer credit rating to Heritage-Crystal Clean Inc. (HCCI) parent JFL-Tiger Acquisition Co. Inc.

S&P also assigned B issue-level ratings and 3 recovery ratings (rounded estimate: 55%) to the proposed senior secured credit facilities.

The outlook is stable.

Heritage-Crystal Clean is being taken private by an investment affiliate of financial sponsor J.F. Lehman & Co. Inc.

“The stable outlook reflects our view that stable demand for environmental cleanup jobs and the company's recurring service work should allow it to generate appropriate credit measures such as an adjusted debt to EBITDA ratio of less than 7x,” S&P said in a news release.

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