S&P maintains Scotsman loan

Standard & Poor's said it maintained the B+ issue-level rating with a 3 recovery rating on Scotsman Industries Inc.'s add-on of a $60 million incremental term loan to its existing debt.

The B+ corporate credit rating on the company also remains unchanged.

The outlook is stable.

The company will use the proceeds to fund a dividend to private equity sponsor Warburg Pincus.

The ratings on Scotsman primarily reflect the company's aggressive financial risk profile as well as its weak business risk profile, characterized by a leading market position in a niche industry, the agency said.

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