S&P hikes GMP loan

S&P said it raised the rating on GMP Borrower LLC’s $6 million term loan to B+ from B-. The recovery rating is 1, indicating expectations for very high recovery (90%-100%; rounded estimate: 95%) if GMP defaults. The agency also affirmed the issuer’s B- issuer credit rating.

The company repaid $70 million of its debt during 2023 but it faces considerable debt maturities during the next two years. Specifically, the $40 million debt at Navigator PH Crossings is due next October and the $130 million debt at Navigator Borger Express in July 2025.

The outlook is stable.

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