S&P lowers Ravago loan to BB-

S&P said it reviewed its recovery and issue-level ratings for Ravago Holdings America Inc. 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.

S&P lowered the issue-level ratings on Ravago's senior secured term loan facility to BB- from BB and revised the recovery rating to 3 from 2. The 3 recovery rating indicates an expectation for meaningful (in the upper half of the 50% to 70% range) recovery in the event of a payment 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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