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S&P affirms Hoffmaster
Standard & Poor's said it affirmed its B corporate credit rating on Hoffmaster Group Inc. The outlook is stable.
At the same time, the agency said it assigned its B issue-level rating and 3 recovery rating, reflecting an expectation of meaningful recovery, to the company's proposed $270 million in first-lien credit facilities, including a $235 million term loan due 2017 and a $35 million revolving credit facility due 2016.
S&P said it also assigned its CCC+ issue-level rating and 6 recovery rating, reflecting an expectation for negligible recovery, to the firm's proposed $64 million second-lien term loan due 2018.
Following the completion of the transaction, S&P said it expects Hoffmaster's ratio of adjusted debt to EBITDA to be about 6x and funds from operations to total adjusted debt to be about 8.3%. Although the agency said it would continue to view the financial profile as "highly leveraged," it expects favorable operating trends and an improving financial profile to support a stable outlook.
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