S&P affirms Stockbridge

Standard & Poor's said it affirmed its B- corporate credit rating on Stockbridge/SBE Investment Co. LLC. The outlook is negative.

At the same time, S&P revised the recovery rating on subsidiary Stockbridge/SBE Holdings LLC's $300 million first-lien term loan ($150 million is now outstanding) due 2017 to a 1 from a 3, reflecting better recovery prospects as there is less senior secured debt in the capital structure.

As a result of the change in recovery rating, S&P raised the issue-level rating on the senior secured facility to a B+ from a B-.

The revised recovery and issue-level ratings reflect the repayment of $150 million of senior debt, when the company raised sufficient amounts of junior-priority debt.

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