S&P drops Stanadyne

Standard & Poor's said it lowered its corporate credit rating on Stanadyne Corp. to B from B+.

At the same time, S&P said it lowered its rating on Stanadyne's $35 million first-lien senior secured asset-based revolving bank facility to B+.

The $65 million second-lien senior secured term loan rating was lowered to B- and the $160 million senior subordinated notes rating was lowered to CCC+, the agency added.

In addition, S&P said it lowered to CCC+ the rating on $66 million in senior discount notes issued by Stanadyne Holdings Inc., the parent company of Stanadyne.

The outlook is negative.

S&P said the rating actions reflect the company's very high leverage at year-end 2005, following a leveraged dividend distribution in 2004, noting that the company also failed to improve EBITDA in 2005.

© 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.