S&P upgrades Husky International

Standard & Poor’s said it raised its issue-level rating on Husky International Inc.’s US$250 million second-lien term bank to B- from CCC+ and revised its recovery rating on this debt instrument to 5 from 6.

“The rating action reflects our view of better recovery prospects for noteholders from the approximately US$64 million term loan repayments made from available cash,” said S&P credit analyst Jamie Koutsoukis in a news release.

The 5 recovery rating indicates an expectation for modest (the low end of the 10%-30% range) recovery in the event of default.

At the same time, S&P affirmed all other ratings on Husky, including its B long-term corporate credit rating on the company, as it expects Husky to continue to perform in line with its expectations. The outlook is stable.

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