S&P rates Integer loan B

S&P said it assigned a B rating to Integer Holdings Corp.'s senior secured term loan B facility in a leverage-neutral re-pricing transaction.

The debt is being issued by subsidiary Greatbatch Ltd.

The recovery rating on this debt is 3, indicating 50% to 70% expected default recovery.

The CCC+ senior unsecured notes rating and recovery rating of 6 on that debt are unchanged.

The company’s B corporate credit rating reflects an expectation for leverage to remain higher than 5x in 2017, S&P said, even as the company prioritizes debt repayment from free cash flow.

The agency also said it considers the company’s weak business risk assessment, narrow scope of services, limited barriers to entry and exposure to intense price-based competition.

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