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S&P assigns B to Sterling Intermediate
S&P said it assigned a B corporate credit rating to the Sterling Intermediate Corp.
The outlook is stable.
The B issue-level rating on the company's first-lien credit facilities issued by Sterling Midco Holdings Inc., including the proposed upsized $70 million revolver due in 2020 and $487 million term loan due in 2022 (including a $50 million add-on), remain unchanged. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%, at the upper-end of the range) recovery in the event of a payment default.
The CCC+ issue-level rating on the company's $140 million second-lien term loan due 2023 also remains unchanged. The recovery rating remains 6, indicating an expectation for negligible (0%-10%) recovery in the event of payment default.
"The ratings reflect our expectation the transaction will be leverage neutral as we believe the company will use the proposed first-lien term loan add-on of $50 million to pay off the revolver balance of $45 million," S&P credit analyst Suyun Qu said in a news release.
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