S&P lifts Badger to stable

Standard & Poor's said it revised the outlook on Badger Holding LLC (Safway) to stable from negative and affirmed its B+ corporate credit rating.

S&P also said it affirmed the B rating on Safway Group Holding LLC's $560 million senior secured second-lien notes. The 5 recovery rating on the debt is unchanged, indicating 10% to 30% expected default recovery.

Safway Group is a subsidiary of Safway, a privately owned company controlled by Odyssey Partners LLC.

The ratings reflect the group's aggressive financial risk profile and weak business risk profile, S&P said.

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