S&P lifts Bass Pro Group loan

S&P said it raised its issue-level rating on Bass Pro Group LLC's $2.97 billion term loan B due 2024 to BB- from B+.

The agency also revised the recovery rating to 2 from 3 following the recent repayment of the $500 million of revolver borrowings, along with the termination of the $500 million asset-sale facility and $400 million term loan A.

The 2 recovery rating indicates an expectation for substantial recovery (70%-90%; rounded estimate: 75%) in the event of payment default.

The corporate credit rating remains B+ with a stable outlook.

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