S&P cuts Wilsonart loan

Standard & Poor's said it lowered its preliminary issue-level rating on Wilsonart LLC's proposed $900 million senior secured credit facility to B+ from BB-.

The agency said it also revised the preliminary recovery rating to 3, indicating an expectation of meaningful recovery for lenders in the event of a payment default, from 2.

S&P said the revision reflects lower recovery prospects for lenders due to a revised capital structure in which the term loan will be increased to $725 million from $425 million.

The preliminary B+ corporate credit rating and stable outlook on Wilsonart LLC reflects what the agency considers to be the combination of Wilsonart's fair business risk profile and aggressive financial risk profile.

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