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S&P rates CNG Holdings notes B
Standard & Poor's said it assigned its B issue credit rating and 4 recovery rating to CNG Holdings Inc.'s proposed offering of $350 million senior secured notes due in 2020.
The agency also said it lowered the issue credit rating on the untendered portion of the company's existing senior secured notes to CCC+ and subsequently withdrew that rating.
In addition, S&P said it affirmed its B issuer credit rating on CNG. The outlook remains stable.
"The affirmation reflects our view that CNG's leverage has been adequate, though we expect it to increase moderately following the completion of the proposed $350 million senior secured notes offering," said S&P credit analyst Igor Koyfman in a news release.
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