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S&P rates Coronado loan B
S&P said it assigned a B- corporate credit rating to Coronado Group LLC.
The outlook is stable.
S&P also said it assigned a B rating to the company's proposed $200 million first-lien term loan due in 2023.
The recovery rating is 2, indicating 70% to 90% expected default recovery.
The stable outlook reflects an expectation that Coronado will operate at adjusted debt-to-EBITDA ratio of less than 2x and free operating cash flow to debt of 20% to 30% through at least the end of 2017, the agency said.
The company is expected to generate at least $100 million of free operating cash flow in 2017 and repay a portion of the term loan with excess cash flows, S&P said.
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