S&P lowers Associated Asphalt

S&P said it lowered the corporate credit rating and issue-level ratings on Associated Asphalt Partners LLC to B from B+.

The outlook is stable.

At the same time, the agency lowered the rating on the company's senior secured term loan due 2024 to B from B+. The recovery rating remains 3, indicating a view that lenders can expect meaningful (50%-70%; rounded estimate: 50%) recovery if a payment default occurs.

“The downgrade reflects forecast leverage exceeding our previous expectations due to increased competition in Associated's markets,” S&P said in a news release.

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