S&P rates API Heat loans B

Standard & Poor's said it assigned its B corporate credit rating to API Heat Transfer.

The outlook is stable.

At the same time, S&P assigned a B issue-level rating (the same as the credit rating) to the company's proposed new $300 million senior-secured credit facilities, which comprise a $265 million senior secured term loan and a $35 million revolver. The recovery rating is 3.

ThermaSys Corp. will be the borrower under the credit facility.

S&P said its ratings on heat exchanger manufacturer API reflect the company's "highly leveraged" financial risk profile and "weak" business risk profile.

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