S&P revises LTI Holdings first-lien recovery rating

S&P said it affirmed the B- rating on the first-lien term loan tranche of LTI Holdings Inc. and revised its recovery rating on the tranche to 4 from 3.

The 4 recovery rating indicates 30% to 50% expected default recovery.

S&P also said it affirmed the CCC+ rating on the second-lien term loan tranche.

The recovery rating remains at 5, indicating 10% to 30% expected default recovery.

The revised recovery rating is based on the company shifting $100 million to the first-lien debt from second-lien debt, the agency said.

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