S&P: New Trident loans B, CCC+

Standard & Poor's said it assigned its B corporate credit rating to New Trident Holdcorp Inc.

Upon closing of the transaction, the agency will withdraw its B corporate credit rating on Trident USA Health Services LLC.

At the same time, S&P assigned its B issue-level rating to New Trident's $415 million senior secured first-lien credit facility with a recovery rating of 3, indicating the expectation for meaningful (50%-70%) recovery of principal in the event of payment default.

The agency also assigned its CCC+ issue-level rating to a $155 million senior secured second-lien term loan with a recovery rating of 6, indicating the expectation for negligible (0%-10%) recovery in the event of payment default.

"The ratings on New Trident Holdcorp Inc. reflect its 'highly leveraged' financial risk profile, highlighted by our expectation that its debt-to-EBITDA ratio will remain above 5x. It also incorporates our belief that the company will pursue a more aggressive financial policy, including the potential for dividends," S&P credit analyst John Babcock said in a news release.

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