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S&P revises recovery on C.G. JCF loans
Standard & Poor's said it revised its recovery ratings on C.G. JCF Corp.'s $515 million senior secured term loan B and $40 million revolving credit facility to 4 from 3. A recovery rating of 4 indicates an expectation of average (30%-50%) recovery for lenders in the event of a payment default.
At the same time, the agency affirmed the company's counterparty credit rating and the issue-level rating on the senior secured credit facilities at B.
The outlook is negative.
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