| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Valvoline Inc. > News item |
S&P assigns Valvoline add-on notes BB-
S&P said it assigned a BB- rating to Valvoline Inc.’s proposed $300 million add-on to its $400 million of notes due 2025.
Concurrently, the agency downgraded the rating on the outstanding notes to BB- from BB.
“We are revising the recovery rating on the notes to 5 from 4 due to the increase in senior unsecured claims, reflecting our expectation for modest (10%-30%; rounded estimate 20%) recovery in the event of a payment default. We are affirming our BBB- issue-level rating on the company's senior secured bank credit facilities. The recovery rating on the bank facilities is unchanged at 1,” S&P said in a press release.
The outlook is negative.
© 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.