S&P assigns Anaren loans B+, CCC+

Standard & Poor's said it assigned its B corporate credit rating to Anaren Inc. The outlook is stable.

S&P also assigned a B+ issue-level rating and 2 recovery rating to the company's $165 million senior secured first-lien credit facility, which consists of a $145 million senior secured first-lien term loan due 2021 and a $20 million revolving credit facility due 2019. The 2 recovery rating indicates an expectation for substantial (70%-90%) recovery in the event of payment default.

S&P also assigned a CCC+ issue-level rating and 6 recovery rating to the $70 million senior secured second-lien term loan due 2021. The 6 recovery rating indicates an expectation for negligible (0%-10%) recovery in the event of payment default.

"The ratings on Anaren reflect the company's 'weak' business risk profile (as defined by our criteria), incorporating the company's limited scale, customer and end-market concentration, and highly leveraged financial profile, reflecting pro forma leverage in the mid-6x area and our view that the company's purchase by a financial sponsor is likely to preclude sustained deleveraging over the longer term," said S&P credit analyst David Tsui in a news release.

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