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S&P rates NewPage loan BB
Standard & Poor's said it raised its corporate credit rating on NewPage Corp. to B+ from D.
The outlook is stable.
The agency said it also assigned a BB issue-level rating with a recovery rating of 1 to the company's $500 million senior secured term loan. The 1 recovery rating incorporates an expectation of very high recovery of principal in the event of a post emergence default by the company.
"The rating actions follow NewPage's announcement that it has emerged from Chapter 11 bankruptcy protection pursuant to its Modified Fourth Amended Chapter 11 Plan, confirmed on Dec. 14, 2012, by the U.S. Bankruptcy Court," said S&P credit analyst Tobias Crabtree in a news release.
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