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S&P assigns CCC to Tervita notes
Standard & Poor's said it assigned its CCC issue-level rating to Tervita Corp.'s proposed $325 million senior unsecured notes due 2018. The recovery rating is 6, indicating an expectation of negligible (0%-10%) recovery in a default scenario.
The existing ratings on Tervita, including the B- long-term corporate credit rating, are unchanged.
Tervita plans to use the proceeds from the notes offering to purchase its $312 million unsecured notes due 2015. With the refinancing, the company will push back any debt maturity into 2018 and beyond.
"The ratings on Tervita reflect Standard & Poor's view of the company's 'fair' business risk profile and 'highly leveraged' financial risk profile," said S&P credit analyst Aniki Saha-Yannopoulos in a news release.
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