S&P affirms McJunkin loans

Standard & Poor's said it affirmed its BB rating and 1 recovery rating on McJunkin Corp.'s $300 million asset-backed revolving credit facility.

The agency said it also affirmed the B+ rating on McJunkin's $575 million secured term loan but lowered the recovery rating to 4.

This update follows the company's decision to increase the ABL facility to $300 million from $200 million, S&P noted.

Because the ABL facility's advance rates and other structural features have not changed, the agency said it maintains that the loan should remain fully collateralized, despite its larger size.

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