S&P affirms TRC facility

S&P said it affirmed the B issue-level rating on TRC Cos. Inc.'s first-lien credit facility following the proposed repricing of its $60 million revolver and $325 million first-lien term loan.

The 3 recovery rating remains, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.

“Although the proposed repricing should modestly reduce TRC's total interest expense, we do not believe that it will have a material impact on the company's credit measures,” the agency said in a news release.

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