S&P changes Jason to stable

S&P said it revised its outlook on Jason Inc. to stable from negative and affirmed its B corporate credit rating.

At the same time, the agency affirmed the B issue-level rating on the company's first-lien credit facilities. The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default.

In addition, the agency affirmed the CCC+ issue-level rating on the company's second-lien term loan. The 6 recovery rating remains, indicating negligible (0%-10%; rounded estimate: 5%) recovery.

S&P said the revision reflects the meaningful improvement in Jason's credit metrics over the past 12 months due to a stronger-than-expected improvement in its profitability and cash flow metrics and its repayment of about $25 million of debt.

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