S&P cuts Rough Country recovery rating

S&P said it lowered the recovery rating on Rough Country LLC’s senior secured debt to 4 from 3. The 4 indicates expectations for average recovery (30%-50%; rounded estimate: 45%) in a default scenario.

Rough Country plans to secure a $180 million incremental first-lien term loan to help fund a dividend to shareholders. “The transaction will also extend the maturities of its existing revolving credit facility and first-lien term loan by two years to 2024 and 2025, respectively,” S&P said in a press release.

The agency affirmed the B ratings for Rough Country and its issue-level ratings.

The outlook is stable.

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