NEW YORK (S&P Global Ratings) Nov. 17, 2016--S&P Global Ratings today corrected its issue-level rating on ADMI Corp.'s (B/Stable/--) $150 million senior unsecured notes due 2023 by raising the rating to 'CCC+' from 'CCC'. The rating is now two notches below our corporate credit rating on ADMI, consistent with the unsecured debt's recovery rating of '6'. The recovery rating of '6' indicates our expectation for negligible (0%-10%) recovery in the event of a default. The rating error occurred on April 16, 2015, when we correctly indicated a senior unsecured recovery rating of '6' but erroneously notched the debt three ratings below the (B/Stable/--) corporate credit rating to 'CCC', rather than two to 'CCC+'. For the corporate credit rating rationale, see
