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S&P changes Sun Products to stable
Standard & Poor's said it affirmed its B- corporate credit rating on Sun Products Corp. and revised the outlook to stable from negative.
At the same time, the agency affirmed its B- issue-level rating on the company's $1,155,000,000 secured bank credit facility. The recovery rating on this debt remains 3. It also affirmed the CCC issue-level rating on Sun Products' $575 million 7¾% senior unsecured notes due 2021. The recovery rating on this debt remains 6.
"The outlook revision reflects our expectation that Sun Products will be able to generate modest free cash flow for debt repayment and sustain its improved, albeit still below-average, profitability," S&P credit analyst Gerald Phelan said in a news release.
"This should also enable the company to modestly strengthen its currently weak credit metrics."
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