S&P lowers United Distribution

S&P said it lowered the corporate credit rating on United Distribution Group Inc. to CCC+ from B-.

The outlook is stable.

The agency also said it lowered the ratings on United's first-lien revolving credit facility and term loan to B- from B and the rating on its second-lien term loan to CCC- from CCC.

The recovery ratings on the debt are unchanged at 2 and 6, respectively. The 2 recovery rating indicates 70% to 90% expected default recovery. The 6 recovery rating indicates 0 to 10% expected default recovery.

The stable outlook reflects a view that United’s liquidity is currently adequate and is expected to remain adequate for at least the next 12 months due to recent amendments to its credit agreements, S&P said.

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