S&P gives B to new AMG bonds, ups loan

S&P affirmed its BB- rating on AMG Advanced Metallurgical Group NV and assigned a B issue-level rating and 6 recovery rating to the proposed $300 million of unsecured tax-exempt revenue bonds being issued to finance construction of a spent catalyst recycling facility.

S&P also raised the issue rating on the company's secured revolving credit facility and term loan B to BB from BB-. The recovery rating on both issues is 2, the ratings agency said in a news release.

The outlook is stable, reflecting S&P’s view that AMG's credit metrics will remain appropriate for the rating over the next 12 months, even though leverage is increasing due to the development project.

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