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S&P affirms ASP HHI ratings
Standard & Poor's said it affirmed its B+ corporate credit rating on ASP HHI Intermediate Holdings Inc. The outlook remains stable.
At the same time, S&P affirmed the B+ issue-level rating on ASP HHI Acquisition Co. Inc.'s term loan B due 2018 following a $115 million add-on; the term loan B was originally $620 million, with $565 million outstanding as of March 31.
The 3 recovery rating remains unchanged, indicating an expectation for meaningful recovery (50%-70%) in the event of a payment default.
The rating on HHI reflects S&P's "weak" business risk profile and "aggressive" financial risk profile assessments.
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