S&P gives B- to Liberty Tire CCR, loan

Standard & Poor's Ratings said it assigned its B- corporate credit rating to Liberty Tire Recycling Holdco LLC.

The outlook is stable.

At the same time, the agency assigned its B- issue-level rating and 3 recovery rating to the company's proposed $170 million senior secured term loan. The 3 recovery rating indicates an expectation for meaningful (50% to 70%; upper half of the range) recovery in the event of a payment default.

"Our ratings on Liberty Tire Recycling Holdco LLC reflect our assessment of the company's business risk profile as 'vulnerable' and its financial risk profile as 'highly leveraged,'” S&P credit analyst James Siahaan said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.