Coronado Group LLC Term Loan Rating Raised To #B+# After Facility Resizing

Stocks and Financial Services Press Releases Wednesday June 21, 2017 09:15
NEW YORK--21 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 20, 2017--S&P Global Ratings said today that it is raising its issue-level rating on Coronado Group LLC's (B-/Stable/--) term loan to 'B+' from 'B', after the company closed its term loan facility $25 million below what we initially anticipated. The company's new $175 million term loan was originally rated at the contemplated size of $200 million. The facility maturity term remains unchanged at six years. We are revising the recovery rating on the term loan to '1' from '2', which indicates our expectation of very high (90%-100%, rounded estimate: 95%) recovery in the event of a payment default.


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