S&P affirms USIC Holdings

S&P said it affirmed the B corporate credit rating on USIC Holdings Inc. and affirmed the B issue-level rating on the company's $85 million revolving credit facility due 2021 and first-lien term loan due 2023.

The 3 recovery rating is unchanged and indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.

The outlook is stable.

In addition, the agency affirmed the CCC+ issue-level rating on USIC's upsized second-lien term loan due 2024. The 6 recovery rating is unchanged and reflects an expectation of negligible (0%-10%; rounded estimate: 0%) recovery.

S&P said the affirmation reflects an expectation that despite USIC's $125 million increase in debt, the agency believes that the company's EBITDA growth over the next 12 months will contribute towards debt to EBITDA declining below 7x.

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