S&P lifts Resic Enterprises

S&P said it raised its issuer credit rating on Resic Enterprises LLC (Lyons Magnus Inc.) to B from B-. The outlook is stable.

At the same time, S&P raised the issue-level rating to B from B- with a 3 recovery rating on the company's $245 million first-lien facilities, consisting of a $210 million first-line term loan maturing in 2024 and a $35 million cash flow revolver maturing in 2022. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of payment default.

“The upgrade reflects our expectations for steady sales growth, better operating margins, and higher cash flows that we previously indicated could result in an upgrade,” S&P said in a news release.

© 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.