S&P corrects Verscend loan rating

S&P said it corrected its issue rating and recovery rating on Verscend Holding Corp.'s $325 million second-lien term loan due 2029 to CCC+ and 6, respectively, after erroneously assigning it a B+ and 2 on Feb. 1, 2021. The recovery rating of 6 indicates an expectation of negligible (0%-10%: rounded estimate: 0%) recovery in default.

The corrected issue-level rating is two notches below the B issuer credit rating. All other ratings and the outlook remain unchanged, the agency said.

“We had incorrectly indicated a recovery rating of 2, indicating 70%-90% recovery, and erroneously notched the debt one rating above the (B/positive/--) issuer credit rating to B+, rather than two notches below to CCC+,” S&P said in a press release.

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