S&P rates Cross Financial, loan B

S&P said it assigned B ratings to Cross Financial Corp. and its planned $420 million in first-lien credit facilities. The agency also assigned a 3 recovery rating to the facilities indicating S&P’s expectation for a meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default to its proposed $70 million revolver due 2025 and $350 million first-lien term loan due 2027.

“The rating reflects the company's weak business risk profile and highly leveraged financial risk profile,” said S&P in a press release.

The outlook is stable.

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