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S&P gives FeeCo B-, facilities B-, CCC
S&P said it assigned its B- long-term issuer credit rating to Mayfield Holdings LLC (FeeCo).
The outlook is stable.
At the same time, the agency assigned FeeCo's proposed $627.5 million first-lien credit facility ($110 million revolver due 2023 and $517.5 million term loan due 2025) a debt rating of B- with a recovery rating of 3.
S&P also assigned the proposed $210 million second-lien term loan due in 2026 a debt rating of CCC with a recovery rating of 6.
The agency said the rating reflects FeeCo's weak business risk profile and highly leveraged financial risk profile. FeeCo's weak business risk profile reflects its relatively limited scale, short track record as a stand-alone entity and significant carrier concentration.
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