NEW YORK (S&P Global Ratings) April 16, 2021--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Apro LLC's $105 million incremental senior secured term loan due 2026. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The company plans to use the incremental proceeds and cash on the balance sheet to fund a dividend payment to the equity owners of the company and its direct parent. Our 'B' issuer credit rating and stable outlook on Apro are unchanged. We believe Apro's steady cash flow generation, supported by its long-term fuel consignment agreement, partially mitigates the highly leveraged capital structure. Our existing issue-level rating on
