S&P assigns Nortek loan BB-

Standard & Poor's said it affirmed its ratings, including its B corporate credit rating, on Nortek Inc.

The outlook is stable.

At the same time, the agency assigned its BB- issue-level rating to Nortek's proposed $350 million senior secured term loan. The recovery rating on the proposed term loan is 1, indicating an expectation for very high (90% to 100%) recovery under the default scenario.

Proceeds are intended to fund Nortek's acquisition of Thomas & Betts' heating, cooling and ventilation business (which includes the Reznor products) and repay its existing term loan.

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