S&P rates Waupaca loan BB-

Standard & Poor's said it assigned its B+ corporate credit rating to Waupaca Foundry Inc. The outlook is stable.

At the same time, the agency said it assigned a BB- issue rating and 2 recovery rating to Waupaca's $260 million five-year senior secured term loan. The 2 recovery rating indicates an expectation that lenders would receive substantial recovery in the event of a payment default.

"The ratings reflect what we consider to be Waupaca's 'weak' business risk profile and 'aggressive' financial risk profile, according to our criteria," said S&P credit analyst Nishit Madlani in a news release.

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