S&P rates Creative Artists loan BB-

Standard & Poor’s said it assigned its B+ corporate credit rating to Creative Artists Agency LLC. The outlook is stable.

At the same time, S&P assigned a BB- issue-level rating and 2 recovery rating to the company’s proposed $610 million senior secured credit facility, consisting of a $100 million revolver due 2019 and a $510 million term loan due 2021. The 2 recovery rating reflects an expectation of substantial (70% to 90%) recovery prospects for lenders in the event of a payment default.

“The B+ corporate credit rating on CAA reflects our assessment of the company’s financial risk profile as ‘highly leveraged’ and our assessment of the company’s business risk profile as ‘fair,’” said S&P credit analyst Chris Valentine in a news release.

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