S&P rates EIG facilities BB+

S&P said it affirmed its BB+ issuer credit ratings on EIG Management Co LLC and removed the ratings from CreditWatch.

The outlook is stable.

At the same time, the agency assigned a BB+ issue rating on the firm's new first-lien revolving credit facility and term loan. The recovery rating is 3, reflecting an expectation for meaningful recovery (50%) in the event of a default.

S&P said the affirmation reflects an expectation for EIG's leverage to remain within existing expectations (1.5x-2.0x) and interest coverage to improve materially versus historical levels (to around 7x-8x) over the next two years.

© 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.