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

Standard & Poor's said it assigned its B corporate credit rating to Sophia LP. The outlook is stable.

At the same time, the agency said it assigned a B+ issue-level rating to the company's first-lien senior secured credit facility, which includes a $125 million revolver facility and a $1.075 billion term loan. The recovery rating is 2, indicating an expectation of substantial recovery for lenders in the event of a payment default.

In addition, the agency said it assigned a CCC+ issue-level rating to the company's $530 million in senior unsecured notes. The recovery rating is 6, indicating an expectation of negligible recovery for noteholders in the event of a payment default.

S&P said the ratings reflect Sophia's "highly leveraged" financial profile, and the agency's view that near-term integration risks offset the combined company's improved market position.

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