S&P rates ABB/Con-Cise loan B

Standard & Poor's said it assigned a preliminary B corporate credit rating to ABB/Con-Cise Optical Group LLC, along with a preliminary B rating to its proposed $155 million senior secured credit facilities.

The preliminary recovery rating is 3, indicating 50% to 70% expected recovery in a default.

The outlook is stable.

The ratings reflect an assessment that the company has a weak business risk profile associated with its participation in the highly competitive contact lens distribution industry, S&P said.

The company has a lack of product, supplier and geographic diversity and there are low barriers to entry in the industry, the agency said.

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