S&P changes Capstone Logistics view

S&P said it affirmed its B- corporate credit rating on Capstone Logistics Acquisition Inc. and revised its outlook to positive from stable.

At the same time, the agency affirmed the B- issue-level rating on the company's first-lien revolving credit facility and first-lien term loan and revised the recovery rating to 3 from 4, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default.

The agency also affirmed the CCC issue-level rating on the company's second-lien debt. The recovery rating is 6, reflecting negligible (0%-10%; rounded estimate: 0%) recovery.

S&P said it revised the outlook to reflect the company's improved credit metrics following the conversion of its preferred stock to common equity in December.

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