S&P rates ASG loan BB-

Standard & Poor's said it affirmed the B corporate credit rating on ASG Consolidated LLC and its wholly owned operating subsidiary, American Seafoods Group LLC.

The agency also said it assigned a BB- rating and 1 recovery rating to its proposed senior secured credit facility. The new $466.5 million facility consists of an $85 million revolving facility due 2016, a $100 million term loan A due 2016 and a $281.5 million term loan B due 2018.

The outlook is stable.

The proceeds will be used to refinance the company's existing senior secured credit facility for interest cost savings, S&P said.

The agency also said it affirmed the B rating on the company's senior subordinated notes. The recovery rating remains 4, indicating 30% to 50% expected recovery in a default.

S&P said it will withdraw the ratings on the company's existing senior secured facility upon the close of this transaction.

The ratings reflect the company's vulnerable business risk profile, high leverage and aggressive financial policy, S&P said.

The stable outlook reflects an expectation that operating performance will gradually improve as total allowable catch levels return to historical averages and as prices rebound over the next few years, the agency said.

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