S&P assigns Wise Metals notes B- rating

Standard & Poor's said it assigned its B corporate credit rating to Wise Metals Group LLC. The outlook is stable.

S&P also assigned a B- issue-level rating to Wise's proposed $625 million senior secured notes co-issued by Wise Alloys Finance Corp. The recovery rating on the proposed notes is 5, indicating an expectation for modest (10% to 30%) recovery for lenders in the event of payment default.

"The outlook is stable, reflecting our view that credit measures should remain within our thresholds for the B rating and highly leveraged financial risk profile, with debt to EBITDA in excess of 6x in 2013 and 2014," said S&P credit analyst Amanda Buckland in a news release. "The rating and outlook assume that Wise maintains adequate liquidity to fund internal working capital needs and capital spending."

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