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S&P ups Tervita notes
S&P said it raised Tervita Corp.’s 11% senior secured second-lien notes to BB- from CCC+ and its recovery rating to 1 from 4. The 1 recovery rating reflects expectations for very high recovery (90%-100%; capped rounded estimate: 95%) prospects in default. The agency also removed the rating from CreditWatch with positive implications, where it was placed March 9.
The upgrade follows Secure Energy Services Inc. completing its merger with Tervita and assuming all of Tervita's outstanding obligations, including the notes, S&P said.
The B issue-level rating and 3 recovery rating on Secure's C$200 million of senior unsecured notes are unchanged. The agency said it also discontinued the ratings on Tervita and affirmed the ratings on Secure, including its B issuer credit rating.
The outlook is positive.
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