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S&P rates Garrett Motion DIP BBB-
S&P said it assigned its BBB- issue rating, on a point-in-time basis to the $200 million secured super-priority debtor-in-possession term loan issued by Garrett Motion Inc.
“Our BBB- issue rating on Garrett Motion’s DIP term loan reflects our view of the credit risk borne by the DIP term loan lenders,” S&P said in a press release. Garrett had more than $318 million in balance sheet cash on Oct. 3.
The DIP term loan’s rating is effective only on the date of this report. The agency said it will not review, modify or provide ongoing surveillance of the rating.
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