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S&P rates LaserShip B-
S&P said it assigned a B- issuer rating LaserShip Inc., the same as the rating on ASP LS Acquisition Corp., the former parent company now merged into LaserShip.
LaserShip plans to acquire OnTrac Logistics Inc., with incremental borrowings and new and rolled-over equity.
There is no change to the B- issue-level rating and 3 recovery rating (rounded estimate: 60%) on the company's first-lien term loan, and the CCC issue-level rating and 6 recovery rating (rounded estimate 0%) on the second-lien term loan.
The outlook is stable.
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