S&P elevates Steinway view to positive

S&P said it affirmed its B- corporate credit rating on Steinway Musical Instruments Inc. and revised the outlook to positive from stable.

At the same time S&P affirmed its B- issue level rating on the company's $305 million first-lien term loan, which matures in September 2019. The recovery rating remains 3, indicating expectations for a meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default.

“We expect the company will sustain its recent operational and credit ratio improvement through 2018, including debt to EBITDA at or below 5.5x and covenant cushion above 15%,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.