S&P: CPG, facilities B, loan CCC+

S&P said it assigned its B corporate credit rating to CPG Transaction LLC and assigned a B issue-level rating to the company's proposed first-lien credit facilities, consisting of an $85 million revolving credit facility and a $460 million first-lien term loan.

The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

The agency also assigned a CCC+ issue-level rating to the company's proposed $150 million second-lien term loan. The recovery rating is 6, indicating expectations of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.

The outlook is stable.

S&P said the ratings reflect the company's niche markets and limited applications in generally competitive product markets such as structural adhesives and plumbing products.

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