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S&P assigns B to Aspen Dental loans
Standard & Poor's said it affirmed its B corporate credit rating on Aspen Dental Management Inc. The outlook remains stable.
At the same time, S&P assigned a B credit rating to Aspen's $40 million revolving credit agreement and $330 million term loan B. The recovery rating on this debt is 3, indicating an expectation for meaningful (50% to 70%) recovery of principal in the event of payment default.
"We believe Aspen's refinancing significantly improves its prospects for covenant compliance over the next two years and reinforces our 'adequate' assessment of Aspen's liquidity," said S&P credit analyst Gail Hessol in a news release. "We expect Aspen could have a small discretionary cash flow (DCF) deficit in 2014, returning to modest DCF generation in 2015."
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