S&P gives Global Brass, notes B

Standard & Poor's said it assigned a preliminary B corporate credit rating to Global Brass and Copper Inc.

The outlook is stable.

At the same time, the agency said it also assigned a preliminary B issue-level rating to the company's proposed $330 million senior secured term loan due 2015. The preliminary recovery rating is 4.

Proceeds from the proposed term loan, combined with borrowings under a new asset-based revolving credit facility, are expected to be used to refinance the company's existing indebtedness, fund a distribution to the equity sponsor, and to pay fees and expenses related to the transaction, the agency said.

"The preliminary B corporate credit rating on Global Brass and Copper reflects the combination of the company's vulnerable business risk profile and aggressive financial risk profile," said S&P credit analyst Maurice Austin.

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