S&P ups Trident TPI, rates notes CCC+

S&P said it upgraded Trident TPI Holdings, Inc.’s existing senior unsecured debt to CCC+ from CCC and raised the recovery rating to 5 from 6. It graded the company’s $345 million of new senior unsecured five-year notes CCC+ with a recovery rating of 5.

It also affirmed the B- issuer credit ratings on the company and its operating unit Tekni-Plex Inc. The agency affirmed the issue -level rating of B- on Trident’s first-lien term loans. The 3 recovery rating is unchanged.

The outlook for the company is stable, S&P said.

S&P expects “favorable demand trends in the company’s end markets, management’s operational improvement initiatives and contributions from its recently acquired businesses will allow the company to generate adequate free operating cash flows to service debt and meet other liquidity needs.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.