S&P lowers, withdraws Badger

S&P said it lowered the corporate credit rating on Badger Holding LLC to B from B+ and removed the rating from CreditWatch, where it was placed with negative implications on March 21.

The outlook is stable.

At the same time, the agency withdrew the B+ issue-level rating and 4 recovery rating on Safway Group Holding LLC's term loan because it was repaid in connection with the transaction.

Subsequently, S&P withdrew the B corporate credit rating on Badger at the issuer's request.

S&P said these actions follow the completion of Brand Energy's acquisition of Badger and its subsidiary Safway Group Holding LLC. Badger and Safway are now wholly owned subsidiaries of Brand Energy and the agency assesses Badger as a core subsidiary of Brand Energy, according to the group rating methodology.

Therefore, S&P equalized the corporate credit rating on Badger with that of its parent before withdrawing the ratings.

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