S&P affirms Access CIG

S&P said it affirmed the B corporate credit rating on Access CIG LLC and affirmed the B issue-level ratings on its $55 million senior secured revolving credit facility due 2019 and $522 million senior secured first-lien loan due 2021.

The 3 recovery ratings are unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) of principal in the event of a default.

The agency also affirmed the CCC+ issue-level rating on the company's $252 million senior secured second-lien loan. The 6 recovery rating is unchanged, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%).

The outlook is stable.

S&P said the ratings reflect the company’s ongoing expansion across the United States and into different geographies, primarily Latin America, and its development of its digital service offerings.

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