We expect U.S.-based salt processor American Rock Salt Co. LLC to maintain credit measures in line with the rating, with debt to EBITDA of about 8x, after a proposed refinancing of existing debt. We are assigning a 'B' issue rating with a recovery rating of '2' to the company's proposed $350 million first-lien term loan. We are assigning a 'CCC' issue rating with a recovery rating of '6' to the company's proposed $120 million second-lien term loan. We are affirming our 'B-' corporate credit rating on the company. The stable outlook reflects our expectation that American Rock Salt's operating performance will be good in 2014, after a very cold winter, but that leverage will remain high and credit measures will
