S&P rates True Temper loan, notes

Standard & Poor's said it assigned its B+ bank loan rating and its 3 recovery rating to golf club shaft manufacturer True Temper Sports Inc.'s proposed $130 million senior secured credit facilities due 2011. In addition, S&P assigned its B- rating to True Temper's proposed $125 million senior subordinated notes due 2011.

At the same time, S&P affirmed all its outstanding ratings on True Temper Sports and its parent company, True Temper Corp., including the two companies' B+ corporate credit ratings.

The outlooks for both companies are negative.

S&P said the ratings on True Temper Corp., as well as its operating subsidiary True Temper Sports, reflect the company's narrow business focus, leveraged financial profile, and the discretionary nature of golf equipment sales. Somewhat mitigating these factors are the company's leading market position in the steel golf shaft market and its low-cost manufacturing capabilities.

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