NEW YORK (S&P Global Ratings) May 20, 2016--S&P Global Ratings said today that its ratings on NVA Holdings Inc. (B/Stable/--), including its 'B' corporate credit rating, 'B' first-lien issue-level rating, and 'CCC+' second-lien issue-level rating, are not affected by the company's issuance of a $70 million and $30 million add-on to the first- and second-lien term loan, respectively. The recovery rating on the company's first-lien term loan remains '3', reflecting our expectation for meaningful (50% to 70%; at the lower end of the range) recovery in the event of payment default. The recovery rating on NVA's second-lien term loan is '6', reflecting our expectation for negligible (0% to 10%) recovery in the event of payment default. The company will use
