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Published on 4/2/2014 in the Prospect News Bank Loan Daily.

S&P rates Munters loan B

Standard & Poor's said it assigned a preliminary B long-term corporate credit rating to Munters Topholding AB.

The agency also said it assigned a preliminary B rating to the company's $280 million senior secured term loan and a $45 million revolving credit facility.

The preliminary recovery rating on these instruments is 3, indicating 50% to 70% expected default recovery.

The outlook is stable.

The ratings reflect the company's highly leveraged financial risk profile and weak business risk profile, S&P said.

The ratings also consider that credit metrics will likely remain in line with a highly leveraged financial risk profile, including debt-to-EBITDA of more than 13x, the agency said.


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