S&P rates Univar loan B

Standard & Poor's said it affirmed the B corporate credit rating on Univar Inc.

The agency also said it assigned a B issue-level rating and 3 recovery rating to the new $300 million senior secured term loan C2 facility. This indicates 50% to 70% recovery in a default.

The agency also said it assigned B issue-level ratings and 3 recovery ratings to the company's existing term loans, $134 million loan term A due 2016, $872 million term loan B due 2016, and $300 million term loan C1 facility due June 2017. This indicates 50% to 70% recovery in a default.

The outlook remains positive.

The ratings reflect its highly leveraged capital structure and aggressive financial policies that more than offset a satisfactory business profile, S&P said.

Univar's business profile is characterized by leading market positions and geographic diversity, along with favorable trends for chemical distributors and the flexibility of its cost structure, the agency said.

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