S&P affirms Darling Ingredients

S&P said it affirmed its BB+ corporate credit rating on Darling Ingredients Inc. and affirmed the BBB- issue ratings on the company's secured credit facilities.

The recovery rating is 1, indicating expectations for very high recovery (90% to 100%; rounded estimate: 90%) in the event of a payment default.

In addition, the agency affirmed the BB+ rating on Darling's senior unsecured notes with a 4 recovery rating, indicating expectations for meaningful (30% to 50%; rounded estimate: 30%) recovery.

The outlook is stable.

“The ratings largely reflect our belief that the company will continue to prioritize debt repayment and reduce leverage, including debt to EBITDA approaching low-3x area over the next 12 months,” S&P said in a news release.

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