S&P changes Renfro view to stable

S&P said it revised its outlook on Renfro Corp. to stable from negative and affirmed the B corporate credit rating on the company.

In addition, the agency affirmed the B issue-level rating on Renfro's $220 million term loan. The recovery rating is unchanged at 4, reflecting expectations for average recovery (30%-50%; rounded estimate: 30%) of principal in the event of a payment default.

“The outlook revision to stable reflects our expectation that Renfro's liquidity position will improve following the company's planned extension of its term loan maturity until March 2021,” S&P said in a news release.

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