...December 1, 2020 NEW YORK (S&P Global Ratings) Dec. 1, 2020--S&P Global Ratings affirmed its 'B-' issue-level rating on Artera Services LLC's senior secured notes due 2025, which the company is proposing to upsize. The recovery rating on the debt remains '4', indicating our expectation of average (30%-50%; rounded estimate: 40%) recovery of principal in the event of a payment default. The company intends to use the net proceeds from the notes for general corporate purposes, including paying off current balances on its securitization facility. We expect the transaction will maintain leverage above 6x, in line with our previous expectations for 2020. At the same time, we are affirming our 'B-' issue-level ratings and the company's senior secured term loan and revolver. The recovery ratings remain '4', indicating our expectation of average (30%-50%; rounded estimate: 40%) recovery. In addition, we are affirming the '###' issue-level rating on its senior secured second-lien term loan. The '6'...
