S&P rates Waddington loan B

Standard & Poor's said it assigned its B corporate credit rating to Waddington North America Inc. and assigned its B senior secured bank loan rating and a recovery rating of 4 to the company's proposed $155 million senior secured credit facilities.

The outlook is stable.

S&P said the ratings on Waddington reflect a very limited scope of operations as the leading manufacturer in the small, upscale segment of the injection molded food-service tableware industry, some vulnerability to fluctuating raw-material costs, and very aggressive debt leverage.

However, the company's narrow business focus is partially offset by a favorable product mix in the domestic tableware segment, solid market positions in niche markets, well-diversified customer relationships, and stable operating margins.

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