S&P rates Circor, facility B+

S&P said it assigned a B+ corporate credit rating to Circor International Inc. and assigned a B+ issue-level rating and 3 recovery rating to the company's proposed senior secured credit facility, which comprises a $150 million revolving credit facility and a $785 million first-lien term loan.

The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default.

The outlook is stable.

The agency said the ratings reflect the company’s moderate size, narrow scope, average profitability, some volatility due to its energy and industrial end market exposure and high debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.