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S&P gives B+ to Mattr notes, BB+ to loan
S&P said it gave B+ issue-level and 5 recovery ratings to Mattr Corp.'s C$150 million of unsecured notes due 2031. The 5 recovery rating indicates modest (10%-30%; rounded estimate: 10%) recovery in default.
The agency also assigned BB+ issue-level and 1 recovery ratings to the company's $300 million revolving credit facility. The 1 recovery rating indicates very high (90%-100%; rounded estimate: 95%) recovery if Mattr defaults.
Mattr will use the new notes to refinance its C$150 million of unsecured notes due 2026.
The outlook is positive.
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