S&P rates Dutch loans BB-, B

Standard & Poor's said it assigned its B corporate credit rating to Dutch LLC. The outlook is stable.

At the same time, S&P assigned a BB- issue-level rating to the company's proposed $20 million secured revolving credit facility due 2019. The recovery rating is 1, indicating an expectation for very high (90% to 100%) recovery for debtholders in the event of a payment default.

S&P also assigned a B issue-level rating to the company's proposed $200 million secured term loan due 2020. The recovery rating is 3, indicating an expectation for meaningful (50% to 70%) recovery for debtholders in the event of a payment default.

S&P said it is assigning ratings to Dutch in conjunction with its pending refinancing transaction, which will include the repayment of mezzanine debt the company's owners hold.

"We expect the transaction to be leverage-neutral," said S&P credit analyst Linda Phelps in a news release.

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