S&P affirms Sage Automotive

S&P said it affirmed its B corporate credit rating on Sage Automotive Interiors Inc. The outlook is stable.

At the same time, S&P affirmed its B issue-level rating on the company's first-lien term loan (including the $85 million add-on). The 3 recovery rating is unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery of principal in the event of payment default.

“The affirmation reflects our expectation that the proposed issuance will not increase leverage significantly enough to change our current assessment of Sage's financial risk,” S&P said in a news release.

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