S&P rates Tervita loan, notes B-

Standard & Poor's said it assigned its B- issue-level rating and 3 recovery rating to Tervita Corp.'s proposed term loan B and two series of first-lien notes.

The company will use proceeds to refinance its existing senior secured term loan, delayed draw term loan and incremental term loan.

"The ratings on Tervita reflect our view of the company's 'fair' business risk profile and 'highly leveraged' financial risk profile," S&P credit analyst Aniki Saha-Yannopoulos said in a news release.

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