S&P affirms Tornante-MDP Joe

S&P said it affirmed its B corporate credit rating on Tornante-MDP Joe Holding LLC and its B issue-level rating on the senior secured debt of the company's subsidiary, the Topps Co. Inc.

The ratings affirmations follow the company's announcement that it plans to extend the maturity of its senior secured credit facilities (consisting of a $30 million revolving credit facility and a $135 million first-lien term loan with $127 million outstanding) to 2020 from 2018.

The term loan and revolving facility are issued by Tornante-MDP Joe's subsidiary the Topps Co. Inc. The recovery rating on this debt remains 3, reflecting expectations for meaningful (50%-70%; upper half of the range) recovery for lenders in the event of a payment default, S&P said in a news release.

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