S&P assigns B to Floatel loan

Standard & Poor’s said it assigned its B long-term corporate credit rating to Floatel International Ltd. The outlook is stable.

At the same time, S&P assigned a B issue rating to Floatel’s $650 million term loan B. The recovery rating is 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

The ratings on Floatel reflect S&P’s assessment of the group’s “weak” business risk profile and “highly leveraged” financial risk profile.

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