S&P affirms Access CIG, view still negative

S&P said it affirmed its B corporate credit rating on Access CIG LLC. The outlook is negative.

At the same time, S&P said it affirmed the B issue-level ratings on the company's $780 million senior secured first-lien term loan, which includes the proposed $85 million add-on, and $120 million delayed-draw term loan ($43 million currently drawn). The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) of principal for debtholders in the event of a payment default.

S&P is also affirming its CCC+ issue-level ratings on the company's $275 million senior secured second-lien term loan, which includes the proposed $20 million add-on and $40 million delayed-draw term loan ($27 million currently drawn). The 6 recovery rating indicates an expectation for negligible recovery (0%-10%) of principal for debtholders in the event of a payment default.

S&P said the rating reflects the company's small size, its limited geographic and business mix diversification, and the industry's low barriers to entry.

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