S&P rates Woodford Express B, loan B+

S&P said it assigned a B long-term corporate credit rating to Woodford Express LLC and assigned a B+ issue-level rating to the company's $364 million senior secured term loan due 2025.

The 2 recovery rating indicates lenders can expect substantial (70%-90%; rounded estimate: 75%) recovery in a default scenario.

The outlook is stable.

The agency said the corporate credit rating reflects a view of the company's vulnerable business risk profile and highly leveraged financial risk profile, as well as an expectation that the company will be able to deleverage as scale and utilization increase without the need for a large capital expenditure program to fuel this expected growth.

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