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S&P rates Aramark loans BB
Standard & Poor's said it affirmed all the ratings, including the B+ corporate credit rating, on Aramark Corp. and its ultimate parent, Aramark Holdings Corp, and revised the outlook to stable from negative.
The agency said it also assigned its BB issue-level ratings to Aramark's proposed $1 billion of extended facilities maturing July 26, 2016, which currently consists of about $950 million of term loans and $50 million of synthetic letter of credit facilities that presently expire Jan. 26, 2014. The 1 recovery rating on the proposed facilities indicates an expectation that lenders would receive very high recovery in a payment default scenario, the agency said.
"The outlook revision to stable from negative reflects our view that the company should be able to modestly increase profitability and slowly improve credit measures," said S&P credit analyst Jerry Phelan in a news release.
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