S&P affirms Sequa, rates loan

Standard & Poor's said that it affirmed its ratings, including the B corporate credit rating, on Sequa Corp. The outlook is positive.

S&P said it also assigned a B- issue-level rating to Sequa's proposed $200 million incremental term loan. The recovery rating on the new term loan is 3, indicating the expectation of meaningful recovery in a payment default, the agency said.

"The affirmation reflects our belief that despite additional debt to fund the acquisition, key credit metrics - pro forma for the acquisition - over the next year will remain largely unchanged from our prior expectations," S&P credit analyst Christopher DeNicolo said in a news release.

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