S&P rates MKS loan BB

Standard & Poor’s said it assigned its BB corporate credit rating to MKS Instruments Inc. The outlook is stable.

At the same time, S&P assigned a BB issue-level rating and 3 recovery rating to the company’s proposed $800 million senior secured term loan due 2023. The 3 recovery rating on the term loan indicates an expectation for meaningful (50% to 70%; lower end of the range) recovery of principal in the event of payment default.

“The corporate credit rating on MKS Instruments reflects our view of the company’s operations in the highly volatile semiconductor equipment manufacturing industry and its significant customer concentration,” said S&P credit analyst Minesh Shilotri in a news release.

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