S&P ups Road Infrastructure facility to B

S&P said it affirmed its B- corporate credit rating on Road Infrastructure Investment Holdings Inc.

The outlook is stable.

At the same time, the agency raised its issue-level rating on the company's first-lien credit facility to B from B- and revised the recovery rating to 2 from 3. The 2 recovery rating indicates an expectation for substantial recovery (70% to 90%; rounded estimate: 75%) in the event of a payment default.

S&P also affirmed its CCC issue-level rating on the second-lien term loan and the recovery rating remains 6, indicating an expectation for negligible recovery (0% to 10%; rounded estimate: 5%) in the event of a payment default.

"We raised the rating on the first-lien credit facility and revised the recovery rating based on our updated recovery analysis, which assumes a higher emergence EBITDA due to recent acquisitions and growth in the company's 2016 EBITDA," S&P credit analyst Michael McConnell said in a news release.

"In the second half of 2016, the company acquired American Traffic Products Inc., a producer of traffic paints and thermoplastics, and a majority stake in Argentina-based Cristacol SA, a producer of paint, thermoplastics and resins."

© 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.