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S&P rates Comfort Holding loans B+, CCC+
S&P said it assigned its B corporate credit rating to Comfort Holding LLC.
The outlook is stable.
At the same time, the agency assigned its B+ issue-level rating and 2 recovery rating to the company's proposed $425 million first-lien term loan. The 2 recovery rating reflects an expectation for substantial (70%-90%) recovery in the event of a payment default.
S&P also assigned its CCC+ issue-level rating and 6 recovery rating to the company's proposed $125 million second-lien term loan. The 6 recovery rating reflects an expectation of negligible (0%-10%) recovery in the event of a payment default.
S&P bases all issue-level ratings on proposed terms and conditions.
"The stable outlook reflects our view that Comfort Holding's EBITDA margins will improve in 2017, compared with 2015 levels, due to cost-saving initiatives being implemented," S&P credit analyst Mark Tarnecki said in a news release.
"It is our view that the margins will remain relatively stable thereafter because the company has a leading position in the niche markets in which it operates."
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