S&P ups some FiberVisions loans to B+

Standard & Poor's said it revised FiberVisions Delaware Corp.'s $20 million second-lien term loan to B+ with 2 recovery level from B and 4. The BB- issue and 1 recovery ratings on the company's first-lien facilities remain unchanged.

The B corporate credit rating was affirmed.

The outlook is stable.

"The revision to the second-lien ratings reflects improved recovery prospects for second-lien creditors following a decline in the first-lien debt outstanding," S&P analyst Paul Kurias said in a statement.

The rating reflects a vulnerable business risk profile with limited growth potential, exposure to technology changes in the nonwoven fibers industry and meaningful customer concentration, the agency said.

The rating also reflects an aggressive financial risk profile, the agency noted.

FiberVisions' leading market share in staple fibers, good geographic diversification through plant locations on three continents and moderate end-market diversity mitigate these factors, S&P said.

© 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.