S&P assigns B to Triton Water loan

S&P said it assigned B issue-level and 3 recovery ratings to Triton Water Holdings Inc.’s planned $300 million term loan. The 3 rating indicates meaningful recovery (50%-70%; rounded estimate 55%) in default.

“We also affirmed our B issue-level rating on the existing first-lien term loan with a 3 recovery rating and CCC+ rating on the senior unsecured notes with a recovery rating of 6 indicating our expectation for negligible (0%-10%; rounded estimate 0%) recovery in the event of a payment default,” S&P said in a press release.

Triton plans to use the loan to pay a dividend to its sponsor.

The outlook is stable.

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