S&P rates Phoenix facilities B+, CCC+

S&P said it affirmed the B corporate credit rating on Phoenix Services International LLC and revised its outlook to stable from negative.

At the same time, the agency assigned a B+ issue-level rating to the company's $50 million revolving credit facility due in 2022 and $425 million first-lien term loan due in 2024. The recovery rating is 2, reflecting an expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default.

S&P also assigned a CCC+ issue-level rating to the company's $140 million second-lien term loan due in 2025. The recovery rating is 6, reflecting an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.

“The revision of the outlook to stable incorporates our view that the proposed refinancing will eliminate our capital structure concerns,” the agency said in a news release.

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