S&P rates Waterlogic loan B

S&P said it affirmed its existing B issuer credit rating on Waterlogic Holdings Ltd. and assigned a B issue-level rating and 3 recovery rating to the company’s $120 million-equivalent euro-denominated incremental term loan B.

S&P said it also affirmed the B ratings on the existing $45 million revolver and the $490 million-equivalent term loan B.

The outlook is stable.

“Although Waterlogic has increased its debt, we affirmed our rating on it because we expect its FOCF to turn positive in 2020, based on improving EBITDA generation,” S&P said in a news release.

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