S&P revises Blue Bird loan recovery to 3

Standard & Poor’s said it revised its recovery rating on Blue Bird Body Co.’s senior secured credit facility, consisting of a $60 million senior secured revolver due 2019 and a $235 million senior secured term loan due 2020, to 3 from 4. The 3 recovery rating indicates expectations of meaningful (50%-70%; lower end of the range) recovery in the event of a payment default.

S&P said the revision reflects the company’s lower overall debt claims at the simulated year of default.

The B corporate credit rating and stable outlook on Blue Bird remain unchanged.

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