S&P rates Aquilex notes B

Standard & Poor's said it assigned its B issue rating and 4 recovery rating to Aquilex Holdings LLC's proposed $225 million senior unsecured notes due 2016.

The outlook is negative.

Net proceeds from the notes offering will be used to repay $161 million of mezzanine notes and to repay $50 million of the term loans outstanding under the company's existing senior secured credit facilities.

The ratings on Aquilex reflect its highly leveraged financial profile and weak business risk profile, the agency said.

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