S&P affirms SK Blue

S&P said it affirmed its B issuer credit rating on SK Blue Holdings LP. The outlook remains stable.

At the same time, S&P affirmed its B issue-level rating on the company's proposed first-lien credit facilities, which include a $250 million cash flow revolver and a $1.475 billion term loan (upsized from $1.425 billion). The 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default.

Additionally, the agency withdrew its B- issue-level rating and 5 recovery rating on SK's previously proposed $250 million second-lien term loan.

“The affirmation reflects the company's plan to upsize its first-lien term loan to $1.475 billion from $1.425 billion,” S&P said in a news release.

The borrowers of the first-lien credit facilities are Schenectady International Group Inc. and Polar US Borrower LLC.

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