S&P assigns Lansing Trade notes B+ rating

Standard & Poor's said it assigned its B+ corporate credit rating to Lansing Trade Group LLC and to its finance subsidiary, Lansing Finance Co. Inc. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating to the company's proposed $175 million senior unsecured notes maturing 2021, with a recovery rating of 4, indicating an expectation for average (30% to 50%) recovery in the event of a payment default.

The ratings on Lansing reflect S&P's assessment of Lansing's "weak" business risk profile, given the company's regional concentration and narrow focus on grain merchandising and energy trading/services. The ratings also reflect an "aggressive" financial risk profile.

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