S&P cuts Aramark, rates loan BB-

Standard & Poor's said it assigned its BB- rating to Aramark Corp.'s proposed $1 billion senior secured term loan D maturing in August 2019. The recovery rating on the proposed term loan is 2.

At the same time, all of the issue ratings on Aramark's existing senior secured debt were lowered to BB- from BB and the recovery ratings were revised to 2 from 1.

In addition, Aramark's senior unsecured debt ratings were lowered to B- from B, and the recovery ratings were revised 6.

S&P said it lowered the existing ratings because of the higher amount of secured debt in the capital structure.

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