S&P boosts Stanadyne loan

Standard & Poor's said it revised its ratings on Stanadyne Corp.'s $65 million term loan due 2010, adding that the bank loan rating was revised to B+, one notch above the corporate credit rating, from B- and the recovery rating was revised to 1 from 3.

The agency said that a reassessment of some of the assumptions used in its approach, including a change in valuation methodology to enterprise value from discrete assets and the paydown of a portion of the term loan - to $21 million as of March 31 from $65 million initially - prompted these rating changes.

The B+ bank loan rating and 1 recovery rating on Stanadyne's $35 million revolving credit facility remain unchanged, the agency said.

S&P said that the corporate credit rating on Stanadyne is B/stable, noting that the rating reflects the company's highly leveraged financial profile and its position in cyclical and competitive markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.