S&P: Excelitas unaffected

Standard & Poor's said its BB- issue rating and 2 recovery rating on Excelitas Technologies Corp.'s credit facility remain unchanged after the company announced it would seek to add $23 million to its existing $215 million credit facility, bringing the total issue amount to $238 million.

The 2 recovery rating indicates an expectation of a substantial recovery for lenders in the event of a payment default.

The B+ corporate credit rating and stable outlook on Excelitas remain unchanged.

Although credit measures are somewhat weaker than S&P's expectations for the rating, the agency said it believes that over the next 12 months the company will maintain credit protection measures in line with indicative ratios for an aggressive financial risk profile, including the ratio of total debt to EBITDA of 4x-5x over the business cycle.

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