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S&P lowers Wise Metals, rates notes CCC
Standard & Poor's said it lowered its corporate credit rating on Wise Metals Group and related entities to B- from B.
At the same time, the agency assigned its B- corporate credit rating to new parent company Wise Metals Intermediate Holdings.
The outlook is stable.
S&P assigned its CCC issue-level rating (two notches lower than the corporate credit rating) to the company's proposed $125 million PIK toggle notes due 2018. The issue-level rating and 6 recovery rating indicate an expectation for minimal (0%-10%) recovery for lenders in the event of payment default and the structurally subordinate position that the $125 million PIK toggle notes will occupy in the capital structure.
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