S&P revises Transtar Holding view to stable

Standard & Poor’s said it affirmed its B corporate credit rating on Transtar Holding Co. and revised the outlook to stable from negative.

At the same time, S&P affirmed the B+ rating on Transtar’s first-lien revolver and term loan B. The 2 recovery rating on this debt remains unchanged, indicating an expectation for substantial (70%-90%) recovery for lenders in the event of a payment default, at the high end of the range.

S&P also affirmed the CCC+ rating on Transtar’s second-lien term loan B. The 6 recovery rating on this debt remains unchanged, indicating an expectation for negligible (0%-10%) recovery for lenders in the event of a payment default.

“The outlook revision reflects our view that the company appears to be on track with its integration of ETX Holdings Inc., which the greater-than-anticipated cost synergies as a result of footprint consolidation, store and route optimization, layoffs, and other operational efficiencies demonstrate,” said S&P credit analyst Naomi Dsouza in a news release.

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