S&P: RP Crown loans B+, CCC+

Standard & Poor's said it assigned a B corporate credit rating to RP Crown Parent LLC. The outlook is stable.

In addition, the agency said it assigned a B+ issue-level rating to the company's $1.45 billion senior secured first-lien term loan due 2018 and $100 million revolving credit facility due 2017. The 2 recovery rating indicates an expectation of substantial recovery in the event of payment default.

The agency also assigned a CCC+ issue-level rating to the company's senior secured second-lien term loan due 2019. The 6 recovery rating indicates an expectation of negligible recovery in the event of payment default.

"Our ratings on RP Crown Parent reflect the combined company's fair business risk profile resulting from its narrow product focus, its competitive market segment and near-term integration risk, as well as its highly leveraged financial risk profile with pro forma leverage above 8x and modest free cash flow expected in 2013," said S&P credit analyst Christian Frank in a news release.

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