S&P rates Superior Plus notes BB

Standard & Poor’s said it assigned its BB issue-level rating and 4 recovery rating to Superior Plus Corp.’s proposed C$200 million senior unsecured notes due 2021. The notes will be issued by wholly owned subsidiary Superior Plus LP.

The 4 recovery rating indicates an expectation for average (30%-50%) recovery in the event of a default.

“The BB corporate credit rating and stable outlook on Superior Plus reflect what we view as the company's fair business risk profile and significant financial risk profile,” said S&P credit analyst David Fisher in a news release.

The BBB- issue-level rating and 1 recovery rating on Superior’s senior secured notes are unchanged. The 1 recovery rating indicates an expectation of very high (90%-100%) recovery in the event of a default.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.