S&P rates IDQ Holdings notes B

Standard & Poor's said it assigned a B corporate credit rating to IDQ Holdings Inc. The outlook is stable.

At the same time, the agency said it assigned a B issue rating to the company's proposed $220 million senior secured notes, upsized from the previously announced $210 million, due 2017. The recovery rating on the senior secured credit facility is 4, indicating an expectation for average recovery in the event of payment default.

"In our opinion, the company's asset protection and cash flow metrics are weak, and its financial policy is aggressive," said S&P credit analyst Mark Salierno in a news release. "We expect credit measures will improve modestly over the next 12 months, but remain weak."

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