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S&P ups GCP Applied Technologies, rates notes BB
S&P said it raised its corporate credit rating on GCP Applied Technologies Inc. to BB from BB-. The outlook is stable.
S&P also raised the issue-level rating on the company's secured revolver to BBB- from BB+. The recovery rating remains 1, indicating an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
At the same time, S&P said it is assigning BB issue-level and 4 recovery ratings to the company's proposed new unsecured notes, indicating an expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default.
S&P noted that GCP Applied Technologies' credit measures improved after it paid down debt with a portion of the proceeds from the divestiture of the Darex Packaging Technologies segment, thereby improving leverage.
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