S&P affirms Rough Country

S&P said it affirmed its B corporate credit rating on Rough Country LLC.

The outlook is stable.

At the same time, the agency affirmed the B issue-level rating on the company's first-lien credit facilities, consisting of a $20 million revolving credit facility due in 2022 and $271 million outstanding first-lien term loan due in 2023, including the proposed $77 million incremental first-lien term loan.

The 3 recovery rating is unchanged and reflects an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.

S&P said the affirmation reflects an expectation that the incremental first-lien debt will be roughly leverage neutral as it will be used to repay the second-lien term loan.

© 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.