S&P lifts Astro AB first-lien loan to BB-

S&P Global Ratings said it reviewed its recovery and issue-level rating for Astro AB Borrower Inc. that was labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

Following the review, S&P said it has removed the UCO designation from the issue-level credit rating on the company's original $270 million first-lien senior secured credit facility (comprised of a $230 million seven-year first-lien senior secured term loan and a $40 million five-year revolving credit facility), revised the recovery rating to 2, indicating “substantial” (or 70%-90%, lower half of the range) recovery in the case of payment default from 3, and raised the rating to BB- from B+.

S&P said it is affirming the B- issue-level rating on the company's $80 million second-lien secured term loan with a final recovery rating of 6 and removing it from UCO.

“This rating action stems solely from the application of our revised recovery criteria and does not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues,” S&P said in a news release.

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