S&P rates Corporate Risk loan CCC+, notes CCC-

Standard & Poor's said it raised the corporate credit rating on Corporate Risk Holdings LLC to CCC+.

The outlook is negative.

The agency also said it assigned a CCC+ rating on the company's first-lien credit facilities, including the $60 million revolving facility due 2018, $275 million term loan due 2018 and $825 million notes due 2019.

S&P also said it assigned a CCC- rating on the $96 million second-lien notes due 2020.

The agency assigned a recovery rating on the first-lien facilities of 3, indicating 50% to 70% expected default recovery.

S&P also assigned a recovery rating of 6 on the second-lien notes, indicating 0 to 10% expected default recovery.

The agency said it raised the ratings on the company as it emerged from bankruptcy with about $700 million less debt.

The following pre-emergence debt, including the $480 million second-lien notes, $61 million third-lien notes, $22 million senior unsecured notes and $29 million senior subordinated notes was converted to equity.

The ratings on Corporate Risk reflects its highly leveraged financial condition and liquidity dependent on favorable business conditions to support its high post-emergence debt burden, S&P said.

The agency also said it considered the company's weak cash-flow forecast for 2016 and its less-than-adequate liquidity.

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