S&P rates Alison loan B, CCC+

Standard & Poor's said it assigned the preliminary B long-term corporate credit rating to Alison LuxCo Sarl.

The agency also said it assigned a preliminary B rating to the proposed first-lien senior secured debt, comprised of a €40 million revolving credit facility and a €310 million term loan B.

The preliminary recovery rating on these facilities is 3, reflecting 50% to 70% expected default recovery.

The preliminary CCC+ rating to the second-lien senior secured term loan. The preliminary recovery rating on these notes is 6, reflecting 0 to 10% expected default recovery.

The outlook is stable.

The ratings reflect the group's aggressive capital structure following the proposed leveraged buyout by private equity Group Triton, S&P said. The buyout was announced April 1 and is expected to be completed by July 31, the agency said.

Alison has a highly leveraged financial risk profile and weak business risk profile, S&P said.

The ratings are constrained by the group's exposure to cyclical and mature end markets, the agency said.

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