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S&P rates AmeriQual notes B+
Standard & Poor's said it assigned its B+ corporate credit rating to AmeriQual Group LLC and assigned its B+ rating to the company's new $105 million secured notes due 2012. The notes will be co-issued by AmeriQual Finance Corp., a subsidiary formed solely to co-issue the notes.
The outlook is stable.
S&P said the ratings on AmeriQual reflect its high debt levels, modest revenue base and limited product diversity, offset somewhat by its position as a leading provider of military field rations.
The proceeds from the notes will be used to partially fund the purchase of a 50% interest in AmeriQual from its current owner, AmeriQual Holding Inc., by a fund controlled by Ares Management LLC, a private equity firm.
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