S&P rates Road Infrastructure loans B+, CCC+

Standard & Poor's said it assigned a B corporate credit rating to Road Infrastructure Investment LLC, along with B+ ratings and 2 recovery ratings to the company's $290 million first-lien facilities, consisting of a $38 million revolving credit facility due 2017 and a $252 million first-lien term loan due 2018.

The 2 recovery rating indicates 70% to 90% expected recovery in a default.

S&P also said it assigned a CCC+ rating and a 6 recovery rating to the company's $115 million second-lien term loan due 2018.

The 6 recovery rating indicates 0% to 10% expected recovery in a default.

The proceeds were used to pay down existing credit facilities.

The outlook is stable.

Road Infrastructure is a holding company that was formed to effect the combination of Ennis Paint Inc. and Flint Trading Inc., both of which are controlled by Brazos Private Equity Partners LLC.

The ratings reflect the company's weak business risk profile and highly leveraged financial profile, S&P said.

Partially offsetting these factors are the company's leading market shares across its key product lines, long-standing customer relationships and geographic and customer diversity, the agency said.

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