S&P gives Stoneridge notes B+

Standard & Poor's said it assigned its B+ issue-level rating to Stoneridge Inc.'s $175 million of senior secured notes due 2017.

At the same time, the agency said it assigned its recovery rating of 4, indicating its expectation that lenders would receive average recovery in the event of a payment default.

Proceeds of this offering, together with current cash, are being used to repay the company's outstanding balance of $183 million, 11.5% senior notes due 2012, the agency said.

S&P added that the notes rank equally with all existing and future senior debt and are senior to all existing and future subordinated debt.

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