S&P rates ABC Financial B-, facilities B

S&P said it assigned its B- corporate credit rating to ABC Financial Intermediate LLC.

The outlook is stable.

The agency also assigned a B issue-level rating to the company's proposed first-lien credit facilities, which include a $25 million revolving credit facility due in 2022 and a $260 million term loan due in 2024.

The 2 recovery rating indicates an expectation for substantial recovery (70%-90%; rounded estimate: 75%) in the event of payment default.

“Our ratings on ABC reflect the company's small size, narrow scope of its operations, and limited diversity of its end markets, customers, and product/service offerings,” the agency said in a news release.

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