S&P assigns Star UK Midco, facilities B

S&P said it assigned B ratings to Star UK Midco Ltd. (Sundyne) and its subsidiary Star US Bidco LLC.

At the same time, S&P assigned a B issue-level and 3 recovery (rounded estimate: 50%) ratings to Star US Bidco's proposed first-lien credit facilities, which comprise a $100 million revolving credit facility and a $535 million first-lien term loan B.

“Our B rating on Sundyne reflects the very small scale and limited scope of its niche product line, exposure to the oil and gas industry, albeit skewed more toward the somewhat less volatile midstream and downstream applications, and limited history of operating as a stand-alone company,” said S&P in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.