S&P assigns Thermal North America loan BB-

Standard & Poor's said it affirmed its BB- corporate credit rating on Thermal North America Inc.

In addition, S&P said it also assigned its BB- rating and 3 recovery rating to Thermal North America's proposed $305 million term loan B due 2008, $35 million revolving credit facility due 2008 and $30 million synthetic LOC facility due 2008.

The outlook is stable.

The agency said Thermal North America will use the proceeds to retire its existing $225 million term loan B facility due 2013, $35 million revolver due 2011, which has $15 million outstanding, and $30 million synthetic LOC facility due 2013.

The agency added that the BB- rating reflects forecasts that cash flow will rise about 35% from year-end 2006 to year-end 2007 might not be fully achieved and revenue concentration.

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