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S&P affirms Communications & Power Industries, rates loan BB
Standard & Poor's said it affirmed its ratings on Communications & Power Industries Inc. and its parent, CPI International Inc., including the B+ corporate credit rating on both entities.
The outlook is stable.
At the same time, the agency said it assigned a BB bank loan rating and 1 recovery rating to Communications & Power Industries's proposed $160 million amended and restated credit facility, indicating expectations of a very high recovery in the event of payment default.
S&P noted that the proceeds from the amended credit facility will be used to refinance the existing term loan and $58 million of the senior floating-rate notes at CPI International.
The agency added that the ratings on Communications & Power Industries reflect a highly leveraged capital structure and modest scope of operations, offset somewhat by leading positions in niche markets.
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