S&P trims Salient Partners

Standard & Poor’s said it lowered its issuer credit rating on Salient Partners LP to B+ from BB-. The outlook is stable.

At the same time, S&P revised the recovery rating on the first-lien credit facility to 2 (indicating an expectation for 70%-90% recovery – upper half of the range) from 3 (indicating an expectation for 50%-70% recovery – lower half of the range).

As a result, the BB- issue-level rating on the company’s proposed $100 million six-year first-lien senior secured term loan and $15 million five-year first-lien senior secured revolving credit facility remains unchanged.

“The downgrade reflects Salient’s more aggressive financial posture than we initially anticipated,” said S&P credit analyst Sebnem Caglayan in a news release.

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