S&P rates Emerald, loan B

Standard & Poor's said it assigned a B preliminary corporate credit rating to Emerald Performance Holding Group LLC. The outlook is stable.

At the same time, the agency said it assigned a B preliminary issue-level rating and a 3 preliminary recovery rating to Emerald Performance Materials LLC's proposed $270 million term loan B due 2018. The agency said the recovery rating indicates an expectation of meaningful recovery in the event of a payment default.

"The ratings on Emerald reflect its highly leveraged financial risk profile and weak business risk profile incorporating respectable positions in niche products, decent margins and good customer and geographic diversity," said S&P credit analyst Henry Fukuchi in a news release.

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