S&P: American Piping notes B-

Standard & Poor's said it assigned its B- corporate credit rating to American Piping Products Inc. The outlook is stable.

At the same time, the agency said it assigned its B- issue-level rating to the company's proposed $100 million senior secured notes due 2017.

The agency said it assigned a recovery rating on the notes of 4, indicating an expectation of average recovery for bondholders in the event of a payment default under S&P's recovery scenario.

"The corporate credit rating takes into account our view of the company's business risk profile as vulnerable and its financial risk profile as highly leveraged," said S&P credit analyst Gayle Bowerman in a news release.

© 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.