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S&P rates NANA loan B+
Standard & Poor's said it assigned a preliminary B+ corporate credit rating to NANA Development Corp., along with the preliminary B+ rating on the company's $435 million six-year term loan with a preliminary recovery rating of 3, indicating 50% to 70% expected recovery in a default.
The outlook is stable.
The ratings reflect its aggressive financial risk profile and its weak business risk profile, marked by its reliance on government funding budgets, integration risks with the proposed acquisition of Grand Isle Shipyard Inc., and the potential for declining zinc prices, S&P said.
These factors are partially offset by some diversity of its business lines, its well-established relationships with long-term customers and its committed royalty income from Red Dog Mine, the agency said.
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