S&P affirms American Seafoods, rates loan BB-, notes B

Standard & Poor's said it affirmed its B corporate credit rating on American Seafoods Group LLC.

The outlook is stable.

In addition, the agency said it assigned a BB- issue-level rating and 1 recovery rating to the senior secured credit facility along with a B issue-level rating and 4 recovery rating to the senior subordinated notes.

The rating action followed the company's announcement that it plans to refinance its capital structure with a $475 million senior secured credit facility, which is comprised of a proposed $85 million revolver and $390 million term loan; $275 million senior subordinated notes; and $125 million Holdco PIK notes (not rated) that will be used to repay existing term debt and notes, the agency added.

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