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S&P rates Babcock & Wilcox loans BBB-
Standard & Poor's said it affirmed its BB+ corporate credit rating on Babcock & Wilcox Co. (B&W).
The outlook is stable.
At the same time, the agency assigned its BBB- issue-level ratings and 2 recovery ratings to the company's proposed $1 billion senior secured revolving credit facility and $300 million senior secured term loan A, both due 2019. The 2 recovery ratings indicate the expectation that the debtholders have substantial recovery prospects (70%-90%) in the event of a payment default.
"B&W's solid credit metrics and 'adequate' liquidity provide some headroom at the current rating for the company's external growth strategy," S&P credit analyst Robyn Shapiro said in a news release.
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