S&P assigns Carestream facilities B-, CCC-

S&P said it assigned issue-level ratings to Carestream Health Inc.'s proposed debt issuance. “We assigned a B- issue-level rating and 3 recovery rating to the company's proposed first-lien credit facility (including a $118.5 million revolver and $581.5 million term loan), and a CCC+ issue-level rating and a 5 recovery rating to its proposed $366.1 million second-lien term loan,” the agency said in a press release.

The 3 recovery rating on the first-lien debt indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. The 5 recovery rating on the second-lien debt indicates an expectation for modest recovery (10%-30%; rounded estimate: 20%).

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