S&P rates Sonneborn loan B

Standard & Poor's said it assigned a preliminary B corporate credit rating to OEP Pearl Holdings LP (Sonneborn).

The agency also said it assigned a preliminary B rating and preliminary 3 recovery ratings to subsidiaries Sonneborn Inc.'s and Sonneborn Refined Products BV's proposed $30 million revolving credit facility and $240 million senior secured term loan.

The preliminary 3 recovery rating indicates 50% to 70% expected recovery in a default.

The outlook is positive.

The ratings reflect the company's weak business risk profile and aggressive financial risk profile, S&P said.

The ratings also consider its leading positions in a niche market for its base-oil derived niche chemical products, the agency said.

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