S&P: Metaldyne unchanged

Standard & Poor’s said the BB- corporate credit rating and stable outlook on Metaldyne Performance Group Inc. are unchanged after the company upsized its proposed senior secured term loan to $1.35 billion from $1.25 billion and downsized the proposed senior unsecured notes to $600 million from $700 million.

The borrower is MPG Holdco I Inc., a wholly owned subsidiary of Metaldyne Performance, S&P said.

The BB+ issue-level rating and 1 recovery rating on the upsized term loan and proposed $250 million revolving credit facility are unchanged, as is the B+ rating and 5 recovery rating on the downsized notes.

Despite higher senior secured claims in the simulated default scenario, S&P said it still anticipates very high recovery of principal for senior secured lenders and negligible recovery of principal for senior unsecured lenders in the event of payment default.

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