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S&P rates OEConnection B-, facilities B-, CCC
S&P said it assigned its B- corporate credit rating to OEConnection LLC and assigned a B- issue-level rating to the company's $335 million first-lien credit facility, consisting of a $35 million revolving credit facility due 2023 and a $300 million first-lien term loan due 2024.
The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default.
S&P also assigned a CCC issue-level rating to the company's $100 million second-lien term loan due 2025. The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 5%) recovery.
The outlook is stable.
“The rating on OEConnection reflects key credit risks including the company's niche product offerings, small scale relative to rated software peers and heavy dependence on GM and Ford,” the agency said in a news release.
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