S&P assigns Stolle loan BB

Standard & Poor's said it assigned its issue-level and recovery ratings to Stolle Machinery Co. LLC's proposed $299 million senior secured credit facilities.

At the same time, the agency said it affirmed its B+ long-term corporate credit rating on Stolle.

In addition, S&P said that it withdrew ratings on the company's former credit facilities, which were refinanced.

The new facility consists of a $30 million revolver and a $269 million first-lien term loan, the agency noted, adding that the credit facilities are rated BB, two notches higher than the B+ corporate credit rating on the company, with a recovery rating of 1.

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