...NEW YORK (S&P Global Ratings) July 27, 2017--S&P Global Ratings today lowered its issue-level rating on Albany Molecular Research Inc.'s first-lien revolving credit facility and term loan to 'B' from 'B+' following Albany Molecular's $35 million upsize of its first-lien term loan due 2024 and corresponding reduction in equity contribution. We revised the recovery rating on the first-lien debt to '3' from '2', reflecting expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. We revised our rounded estimate for recovery to 65% from 70% because of the higher total amount of first-lien debt that creates lower recovery prospects based on our estimate for enterprise value at emergence from default. Our 'B' corporate credit rating and stable outlook on Albany Molecular are unaffected by the upsize. For the corporate credit rating rationale, see the research update published July 18, 2017. In addition, we affirmed our 'B-' rating on Albany Molecular's...
