S&P cuts Sharp Holdings loan

Standard & Poor's said it revised its bank loan rating on Sharp Holdings Corp.'s (B-/stable) first-lien term loan to B- from B.

The recovery rating was also revised to 2 from 1 indicating the expectation for substantial recovery of principal in the event of a payment default, the agency said.

S&P noted that these actions reflect the company's decision to increase the size of the first-lien term loan due 2014 to $395.0 million from $360.0 million and the size of the second-lien term loan is being reduced to $140.0 million from $175.0 million.

The first-lien term loan is rated the same as the corporate credit rating of Sharp Holdings, S&P said, adding that ratings on the second-lien term loan were affirmed at CCC with a recovery rating of 5.

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