S&P rates Coyote Logistics CCR, loan B-

Standard & Poor's said it assigned its B- corporate credit rating to Coyote Logistics LLC.

The outlook is stable.

At the same time, the agency assigned its B- issue rating and 4 recovery rating to the company's proposed $360 million term loan B due in 2020. The 4 recovery rating indicates an expectation for average (30%-50%) recovery in the event of a payment default, at the low end of the range.

"The rating on Coyote reflects our expectation for high leverage following the proposed debt financed dividend to Warburg," S&P credit analyst Tatiana Kleiman said in a news release.

"We expect Coyote to benefit from increased outsourcing trends and revenue growth to exceed U.S. GDP growth over the next two years."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.