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S&P ups NEWAsurion loan
S&P said it raised the rating on NEWAsurion Corp.’s second-lien term loan to B from B-.
“Our revision of our issue-level rating on the second-lien term loan debt stems from our expectations for international EBITDA to represent a greater portion (32%-35%) of total EBITDA in the next 12 months. Rising subscriber growth in its South Korean market has generated more international revenue and EBITDA. EBITDA generated from the Americas makes up the remaining 65%-68%,” said S&P in a press release.
The agency also affirmed the B+ rating on the company, its first-lien loan facilities and its subsidiaries, Lonestar Intermediate Super Holdings LLC and Asurion LLC.
The outlook is stable.
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