S&P rates Americold B+, senior notes BB

Standard & Poor's said it assigned a B+ corporate credit rating to Americold Warehouse Investment Portfolio LLC and assigned a BB issue-level rating and 1 recovery rating to the company's proposed $300 million senior secured notes due 2020.

The outlook is stable.

S&P said that its ratings on Americold reflect a fairly aggressive financial risk profile, with modest liquidity and adjusted credit ratios.

The stable outlook reflects the agency's view that operating cash flow should remain stable, due in part to the static nature of Americold's portfolio and its modest capital needs, with future enterprise growth expected to occur with Americold's parent, Americold Realty Trust.

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