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S&P elevates World And Main
S&P said it raised its corporate rating World and Main LLC to CCC+ from CCC.
The outlook is stable.
At the same time, S&P said it raised its issue-level ratings on the company's $40 million ABL revolver due 2019 to B+ from B. The recovery rating remains 1+, indicating an expectation for full (100%) recovery in the event of a payment default.
S&P also raised the issue-level ratings on the company's $100 million first-lien term loan due 2020 to B- from CCC and revised the recovery rating to 2 from 3, indicating an expectation for substantial (70% to 90%, rounded estimate 80%) recovery in the event of a payment default.
S&P also raised the issue-level rating on the company's $55 million second-lien term loan due 2020 to CCC- from CC. The recovery rating remains 6, indicating an expectation for negligible (0% to 10%, rounded estimate 0%) recovery in the event of payment default.
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