S&P rates LPC loan B

Standard & Poor’s said it assigned a B corporate credit rating to LPC Holding Co.

The agency also said it assigned a B rating with recovery rating of 3 to Q Holding Co.’s first-lien credit facility consisting of a $25 million revolving credit facility and $163 million first-lien term loan. The 3 recovery rating indicates 50% to 70% expected default recovery.

The outlook is stable.

LPC manufactures highly-engineered, precision-molded elastomeric products used in electrical connector, ignition insulators and various medical and pharmaceutical applications, S&P said.

End markets include automotive, medical devices, industrial, aerospace and other markets, the agency said.

Customer concentration is high and likely to remain so, S&P said.

But the highly precise specifications of LPC’s products and the small percentage of the customer’s total product cost continue to support long-term customer relationships, the agency said.

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