S&P rates Sophia B, loan B+, notes CCC+

Standard & Poor's said it assigned a preliminary B corporate credit rating to Sophia LP.

The agency also said it assigned a preliminary B+ rating to the company's first-lien senior secured credit facility, which includes a $125 million revolver facility and a $1.07 billion term loan.

The preliminary recovery rating is 2, indicating 70% to 90% expected recovery in a default.

The agency also said it assigned a preliminary CCC+ rating to the company's $530 million in senior unsecured notes.

The preliminary recovery rating is 6, indicating 0% to 10% expected recovery in a default.

The outlook is stable.

The ratings reflect Sophia's highly leveraged financial profile, S&P said.

Near-term integration risks offset the combined company's improved market position, the agency added.

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