S&P affirms Shape Technologies

S&P said it affirmed its B corporate credit rating on Shape Technologies Group Inc.

The outlook remains stable.

At the same time, the agency affirmed the B issue-level rating on the company's 7 5/8% senior secured notes due 2020. The 4 recovery rating remains, indicating an expectation for average recovery (30%-50%; rounded estimate: 40%) of principal in the event of a payment default.

S&P said the affirmation follows a reassessment of Shape Technologies' business risk profile, which the agency now views as somewhat stronger because the company has grown its revenue and, most importantly, increased the proportion of its revenue that it derives from the aftermarket.

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