S&P revises StoneMor debt recovery

S&P said it reviewed its recovery and issue-level ratings for StoneMor Partners LP that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With its criteria review complete, the agency removed the UCO designation from these ratings.

S&P affirmed the B- rating on the senior unsecured notes and revised the recovery rating to 3 from 4. The 3 recovery rating indicates expectations for meaningful (50%-70%, in the high end of the range) recovery in a default.

Thea agency also affirmed the B+ rating on the senior secured revolving credit facility. The recovery rating remains 1, indicating expectations of very high (90%-100%) recovery in a default.

S&P said the actions stem solely from the application of its revised recovery criteria and do not reflect any change in its assessment of the corporate credit rating for the issuer of the affected debt issues.

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