S&P ups Integro view to positive

S&P said it affirmed its B- issuer credit rating on Integro Parent Inc. and Integro Group Holdings LP (Integro) and revised the outlook to positive from stable.

At the same time, S&P said it affirmed its B- issue-level rating and 3 recovery rating on Integro's $337 million first-lien term loan, which includes a proposed $72 million incremental fungible add-on to finance the transaction, and on the company's revolver, which has been amended to $80 million with a maturity extension to 2021.

S&P also affirmed its CCC+ issue level rating and 5 recovery rating to Integro's $147 million second-lien term loan, which includes a proposed $27 million incremental fungible add-on to finance the transaction.

On a stand-alone basis, Integro saw favorable organic growth of 3.4% through year-end 2017 following consecutive quarters of deteriorating operating performance, S&P said. Its credit protection metrics, while still weak, improved through somewhat improved margins resulting from expense management initiatives and higher revenue from new business.

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