S&P assigns B+ to Wabash notes

S&P said it assigned its B+ issue-level rating to Wabash National Corp.'s proposed $325 million senior unsecured notes due 2025. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.

At the same time, the agency affirmed the BB+ issue-level rating on Wabash's existing senior secured term loan due 2022. The 2 recovery rating remains, indicating an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in a payment default scenario.

The corporate credit rating is unchanged, as S&P views the proposed acquisition as in line with the strategic growth and diversification initiatives that Wabash has implemented over the past few years, which continue to reduce the company's dependency on the demand for dry vans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.