S&P boosts Rhodes loan

Standard & Poor's said it raised its recently assigned ratings to the first- and second-lien term loans issued by Rhodes Cos. LLC and its affiliates/co-borrowers Heritage Land Co. LLC and Rhodes General Partnership.

The secured first-lean loan was raised to BB- from B+ with a recovery rating of 1. The secured second-lien loan was raised to B+ from B-. Concurrently, the recovery rating for the second-lien facility is raised to 1 from 4.

The rating actions were prompted by revisions to loan terms, which S&P said it believes materially improve the recovery prospects for both first- and second-lien lenders.

Major revisions include reduced overall debt levels, with loan proceeds reduced by $100 million to $500 million, and higher amortization for the first-lien facility.

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