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S&P lifts GCP Applied Technologies notes
S&P said it affirmed the BB- corporate credit rating and revised the outlook on GCP Applied Technologies Inc. to positive from stable.
The agency also raised the issue-level rating on the company's unsecured notes to BB- from B+ and revised the recovery rating to 4 (30%-50%; rounded estimate: 40%) from 5.
At the same time, S&P affirmed the BB+ issue-level rating, with a 1 recovery rating (90%-100%; rounded estimate: 95%) on GCP's senior secured revolving credit facility.
The agency withdrew the ratings on the senior secured term loan because it has been fully repaid.
S&P said it raised the issue-level rating on the company's unsecured notes following the paydown of senior secured debt with proceeds from the sale of Darex Packaging Technologies.
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