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S&P rates MD America Energy loan CCC+
Standard & Poor's said it assigned its B- corporate credit rating to MD America Energy LLC.
The outlook is stable.
At the same time, the agency assigned its CCC+ issue rating (one notch below the corporate credit rating) to MD America's proposed $525 million secured term loan due 2019. The recovery rating is 5.
"We expect that MDAE will use proceeds from the proposed term loan to fully repay existing indebtedness and partially fund its capital spending program," S&P credit analyst Susan Ding said in a news release.
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