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S&P rates Rexair loans B, CCC+
Standard & Poor's said it assigned its B rating and a recovery rating of 5 to Rexair LLC's proposed $114 million first-lien bank facilities and also assigned its CCC+ rating and a recovery rating of 5 to Rexair's proposed $30 million second-lien term loan.
At the same time, S&P affirmed Rexair's B corporate credit rating. In addition, the B rating and 5 recovery rating on the company's proposed $144 million first-lien bank facilities, which were rated on June 8, were withdrawn.
The outlook is stable.
S&P said the ratings on Rexair reflect the risks of direct-sales distribution and the discretionary nature of its products, its narrow business focus, and aggressive financial profile.
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