S&P revises Associated Asphalt recovery

S&P said it reviewed the recovery and issue-level ratings on Associated Asphalt Partners LLC that were considered under criteria observation (UCO) after the agency published revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it affirmed the senior secured issue-level rating at B and revised the recovery rating to 3 from 4, indicating 50% to 70% expected default recovery.

These rating actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

The company also has a corporate credit rating of B and a stable outlook.

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