S&P rates Taminco Global Chemical loan BB-

Standard & Poor's said it assigned its BB- issue rating and 2 recovery rating to Taminco Global Chemical Corp.'s senior secured credit facilities consisting of a $200 million revolving credit facility, a $386.9 million senior secured term loan B and a €185.6 million term loan B.

The 2 recovery rating indicates an expectation for substantial recovery (70% to 90%) in the event of a payment default.

At the same time, S&P affirmed the existing ratings, including our B+ corporate credit rating, on the company. The outlook is stable.

S&P affirmed the B- issue rating and 6 recovery rating on the company's $400 million second-priority notes. The 6 recovery rating indicates an expectation for negligible (0% to 10%) recovery for second-lien creditors in the event of a payment default.

"Our ratings on Taminco Global Chemical Corp. reflect our assessments of the company's 'highly leveraged' financial risk profile and its 'satisfactory' business risk profile as a market leading producer of alkylamines and alkylamine derivatives in a niche global market," said S&P credit analyst Paul Kurias in a news release.

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