S&P: WP CAMP loans B, CCC+

Standard & Poor's said it assigned a preliminary B corporate credit rating to WP CAMP Holding Co.

The agency also said it assigned a preliminary B rating with a preliminary recovery rating of 3 to the company's proposed $30 million senior secured revolving credit facility and $230 million first-lien term loan.

The agency also said it assigned a preliminary CCC+ rating with a preliminary recovery rating of 6 to the company's proposed $115 million senior secured second-lien term loan.

The preliminary 3 recovery rating indicates 50% to 70% expected recovery in a default and the preliminary 6 recovery rating indicates 0% to 10% recovery.

The outlook is stable.

The ratings reflect the company's weak business profile, characterized by its narrow addressable market and its highly leveraged financial profile, S&P said.

The company's leading market position, strong operating margins and strong relationships with original equipment manufacturers partly offset these factors, the agency said.

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