S&P ups Emerald Performance second-lien loan to B-

S&P said it reviewed its recovery and issue-level ratings for Emerald Performance Materials LLC that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With the criteria review complete, the agency removed the UCO designation from these ratings and updated the issue level and recovery ratings.

S&P affirmed the issue-level and recovery ratings on the first-lien credit facility at B and 3, respectively, and upgraded the issue-level ratings on the second-lien term loan to B- from CCC+ and revised the recovery rating to 5 from 6. The 5 recovery rating indicates an expectation for modest (10%-30%; lower end of the range) recovery for lenders in the event of a default.

S&P said these actions stem solely from the application of its revised recovery criteria and do not reflect any change in its assessment of the corporate credit ratings for issuers of the affected debt issues.

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