S&P affirms Associated Asphalt on ownership change

S&P said it affirmed the B corporate credit and senior secured debt ratings on Associated Asphalt Partners LLC.

The outlook is stable.

The ratings reflect an expectation that credit metrics will not materially change over the coming years due to the recent change in ownership, S&P said.

Arclight Capital Partners LLC, which recently acquired Associated Asphalt, previously owned the company for five years before selling it to affiliates of Goldman Sachs Capital Partners, the agency explained.

S&P said it expects the company's strategy will be unchanged in the near term under Arclight's ownership.

The agency also said it believes that Arclight will be able to meet all requirements under the bond indenture related to the change of control.

The stable outlook reflects an expectation that Arclight will maintain a similar financial policy and that the company will maintain adequate liquidity and financial leverage of less than 4x, excluding peak working capital borrowings, S&P said.

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