S&P to rate 7536321 Canada B+, loan BB

Standard & Poor's said it expects to assign a B+ long-term corporate credit rating to newly formed 7536321 Canada Inc.

The agency expects the outlook to be negative.

S&P said it assigned a preliminary BB issue-level rating to 7536321 Canada's proposed $300 million first-lien secured term loan due 2016 and its C$110 million first-lien secured term loan due 2015.

The expected recovery rating is 1.

In addition, the agency said it assigned the proposed $300 million second-lien secured term notes due 2018 a preliminary B- issue-level rating, with an expected recovery rating of 6.

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