S&P gives Ryan loan B rating

Standard & Poor’s said it assigned its B corporate credit rating to Ryan LLC. The outlook is stable.

At the same time, S&P assigned a B issue-level rating and 3 recovery rating to the company’s $300 million senior secured first-lien credit facility, which consists of a $50 million revolving credit facility due 2020 and a $250 million senior secured term loan due 2020. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; lower half of the range) of principal in the event of a payment default.

“The B corporate credit rating on Ryan reflects our expectation that the company will continue to grow revenue and EBITDA in both domestic and international markets, while maintaining 'adequate' liquidity and beginning to generate positive discretionary cash flow,” said S&P credit analyst Elton Cerda in a news release.

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