S&P: August Cayman loan B

Standard & Poor's said it assigned a B corporate credit rating to August Cayman Intermediate Holdco Inc.

The agency also said it assigned a B rating to the senior secured $270 million first-lien debt and B- to the $100 million second-lien term loan.

The $270 million first-lien debt consists of a $35 million revolver and a $235 million term loan. The 3 and 5 recovery ratings reflect expectations 50% to 70% expected recovery and 10% to 30% expected recovery, respectively, in a default.

The outlook is stable.

The ratings reflect the company's weak business risk profile, reflecting its exposure to cyclical auto production levels, S&P said.

The ratings also consider its limited scale and product diversity, which is somewhat offset by growth prospects supported by regulatory requirements and a highly leveraged financial risk profile, the agency said.

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