S&P changes UTEX to stable

S&P said it affirmed its CCC+ corporate credit rating on UTEX Industries Inc. and revised the outlook to stable from negative.

At the same time, the agency affirmed the CCC+ issue-level rating on the company's first-lien term loan and CCC- rating on its second-lien term loan.

The recovery rating on the first-lien loan remains 4, indicating an expectation of average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. The recovery rating on the second-lien term loan remains 6, indicating an expectation of negligible (0%-10%; rounded estimate: 0%) recovery.

S&P said the stable outlook reflects both improved liquidity and expected improvement in financial measure as robust spending by the exploration and production sector drives improving revenues and margins.

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