S&P assigns B+ to CCM loan

Standard & Poor’s said it affirmed all ratings, including the B corporate credit rating, on CCM Merger Inc. The outlook is stable.

At the same time, S&P assigned the company’s proposed $510 million credit agreement (consisting of a $20 million revolver due 2019 and a $490 million term loan due 2021) a B+ issue-level rating, with a recovery rating of 2, reflecting an expectation for substantial (70% to 90%) recovery for lenders in the event of a payment default.

The proposed financing transaction does not affect S&P’s assessment of CCM’s financial risk profile as “highly leveraged” because the transaction only modestly reduces debt, the agency said.

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