S&P: Excelitas B+, loan BB-

Standard & Poor's said that it has assigned Excelitas Technologies Corp. a B+ corporate credit rating and its $215 million senior secured credit facility a BB- issue-level rating with a recovery rating of 2, indicating the expectation of a substantial (70%-90%) recovery in a default scenario.

The outlook is stable.

The ratings reflect the company's aggressive financial risk profile, leading market position in a niche industry, good profitability and decent cash flow generation, as well as the expectation that Excelitas' new revolver and decent cash flow generation will continue to support adequate liquidity, S&P said.

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