S&P rates Concrete Pumping notes B

S&P said it revised its outlook on Concrete Pumping Holdings Inc. (CPH) to stable from negative and affirming the B issuer credit rating.

At the same time, S&P said it assigned a B issue-level rating and 4 recovery rating to the company’s proposed second-lien senior secured notes. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default.

“The stable outlook reflects our expectation that CPH's leverage will be in the 3x-4x range over the next 12 months. We expect the company's infrastructure and residential construction end markets to perform relatively well, helping to offset potential headwinds in commercial construction,” S&P said in a news release.

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