S&P rates NSG loan BB+

Standard & Poor's said it assigned its BB corporate credit rating to NSG Holdings LLC.

At the same time, S&P assigned its BB+ issue rating to the company's $146 million term loan facility maturing 2019 and affirmed its BB+ issue rating on the existing $514 million senior secured notes due 2025.

The outlook is stable.

S&P said the ratings reflect an aggressive financial risk profile marked by high debt balances following the dividend capitalization.

"Although the dividend recapitalization weakens the financial measures for 2012 from the improved 2011 levels, almost pushing it back to "highly leveraged", we expect that the measures will strengthen in line with aggressive in 2013 and 2014, driven by the amortization of the project-level debt and the debt at NSGH," S&P credit analyst Trevor D'Olier-Lees said in a news release.

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