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S&P lifts CPG International view to stable
Standard & Poor’s said it revised the outlook on CPG International LLC to stable from negative.
The agency also said it affirmed the company’s B corporate credit rating.
S&P also said it affirmed the B rating on CPG’s $625 million senior secured term loan due 2020. The recovery rating on the term loan remains at 4, indicating 30% to 50% expected default recovery.
The agency also said it affirmed the CCC+ rating on CPG’s $315 million senior unsecured notes due 2021. The recovery rating on the notes remains at 6, indicating 0 to 10% expected default recovery.
The stable outlook reflects a belief that CPG will continue to reduce leverage and maintain it in the 6x- to 7x-range over the next 12 months, S&P said.
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