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S&P rates Tower loan B+
Standard & Poor's said it revised its outlook on Tower International Inc. to positive from stable.
The agency affirmed all the ratings on the company, including the B+ corporate credit rating.
In addition, S&P assigned a B+ issue-level and 4 recovery rating to the new senior secured term loan, indicating the expectation that debtholders would realize average (30% to 50%) recovery in the event of a default.
S&P said the ratings on Tower reflect its opinion of the company's "weak" business risk profile, incorporating the cyclical, highly competitive industry in which it operates, and "aggressive" financial risk, reflecting a material level of debt leverage and negative free cash flow generation over the past two years.
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