S&P rates Infiltrator Systems loans B+, CCC+

Standard & Poor’s said it assigned a B corporate credit rating to Infiltrator Systems Inc.

The agency also said it assigned a B+ rating to the company’s proposed $40 million revolving credit facility due 2020 and $230 million first-lien senior secured term loan due 2022.

The agency also said it assigned a CCC+ rating to the company’s proposed $115 million second-lien term loan due 2023.

The recovery rating on the revolving credit facility and the first-lien senior secured term loan is 2, indicating 70% to 90% expected default recovery.

The recovery rating on the second-lien term loan is 6, indicating 0 to 10% expected default recovery.

The outlook is stable.

The stable outlook reflects an expectation that Infiltrator Systems will maintain its operating profitability while increasing revenues in line with single-family home construction in the United States and Canada, S&P said.

The ratings consider Infiltrator’s still small size and limited product scope, the agency said.

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