...July 15, 2025 SAN FRANCISCO (S&P Global Ratings) July 15, 2025--S&P Global Ratings today assigned its `B+' issue-level rating and `3' recovery rating to Alterra Mountain Co.'s proposed $716 million term loan B due in 2030. The new term loan facility will be used to refinance its outstanding $691 million term loan B due in 2030. Alterra will also add $25 million to its balance sheet, which it will use for general corporate purposes. The `3' recovery rating indicates our expectation for average (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. Our other ratings on Alterra, including the `B+' issuer credit rating and stable outlook, are unchanged. Pro forma for the transaction, we expect Alterra will end fiscal 2025 (ending July 31, 2025) with our measure of lease adjusted gross leverage of about 5.5x. We expect leverage will remain 5x-5.5x in fiscal 2026 incorporating our base case assumption revenue increases 3%-5% and S&P Global Ratings-adjusted EBITDA...
