S&P rates Topps loan B

Standard & Poor's said it assigned a B corporate credit rating to Tornante-MDP Joe Holding LLC, along with a B rating to subsidiary the Topps Co. Inc.'s proposed $175 million senior secured credit facility, which is composed of a $150 million first-lien term loan due 2020 and $25 million revolving credit facility due 2018.

The recovery rating on the credit facility is 3, indicating 50% to 70% expected default recovery.

The outlook is stable.

For analytical purposes, S&P said it views Tornante-MDP Joe and it wholly owned operating subsidiary, Topps, as one economic entity.

The ratings reflect the company's vulnerable business risk profile and highly leveraged financial risk profile, the agency said.

The ratings consider Tornante-MDP Joe's narrow focus, S&P said, as well as its participation within the competitive North American non-chocolate confectionary industry.

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