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S&P upgrades ASG Consolidated
S&P said it raised the corporate credit rating on parent company ASG Consolidated Inc. and subsidiary American Seafoods Group LLC to B from B- and assigned a B corporate credit rating to ASG Parent LLC.
The outlook is stable.
The agency said it raised the rating on the company's $540 million first-lien term loan and $60 million revolving credit facility due in 2021 to BB- from B+ with a recovery rating of 1, indicating 90% to 100% expected default recovery.
S&P also said it raised the rating on the company's $200 million second-lien senior secured term loan due in 2022 to B- from CCC+ with a recovery rating of 5, indicating 10% to 30% expected default recovery.
The company had about $711 million in total reported debt outstanding as of March 31, 2017.
The upgrades reflect ASG's improved operating performance and cash flow generation, which enabled the company to pay down debt, S&P said.
The upgrades also consider an expectation that the company can at least perform near this level for the next two years, the agency said.
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