S&P lowers Engineered Machinery

S&P said it assigned its B- issuer credit rating to Engineered Machinery Holdings, Inc. The outlook is stable.

At the same time, S&P lowered the issue-level rating on the company's first-lien facility to B- from B. The 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in a payment default scenario.

Additionally, S&P lowered the issue-level rating on Engineered Machinery's second-lien term loan to CCC from CCC+. The 6 recovery rating remains unchanged, indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default.

Engineered Machinery is the borrowing entity containing Duravant LLC's debt and financials, so the rating reflects the rating on the consolidated group.

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