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S&P still may up United Components
Standard & Poor's said the B- corporate credit rating on United Components Inc. remains on CreditWatch, where it was placed July 30, with positive implications.
If UCI completes its proposed senior debt refinancing, thereby improving liquidity, the agency said it expects to raise the corporate credit rating to B.
The company is expected to use proceeds from its new term loan to pay down the term loan D due June 2012 and the 9 3/8% subordinated debt due June 2013.
UCI will remain highly leveraged, however, following the proposed senior debt transaction, with lease-adjusted total debt-to-EBITDA ratio of about 6x, the agency noted.
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