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Prospect News home > News index > List of issuers A > Headlines for Arcas Automotive Group (Luxco 1) Sarl > News item |
S&P rates Arcas loan B+
Standard & Poor's said it assigned a preliminary B+ corporate credit rating to Arcas Intermediate-Holdings Entity (Sequa Auto).
The outlook is stable.
The agency also said it assigned a preliminary B+ rating to the company's proposed $275 million senior secured credit facility, composed of a $215 million term loan B and $40 million revolver with ARC Automotive Group Inc. and Casco Automotive Group Inc. as borrowers.
The agency also assigned a B+ rating to its $20 million revolver with Arcas Automotive Group (Luxco 1) Sarl as borrower.
S&P also assigned a preliminary recovery rating of 3 to the facility, indicating 50% to 70% expected recovery in a default.
The ratings reflect the company's weak business risk profile, which incorporates the company's exposure to cyclical auto production levels and limited scale and customer diversity, the agency said.
Those negative factors are somewhat offset by the balanced growth prospects as a result of Sequa Auto's geographic footprint, S&P said.
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