TORONTO (S&P Global Ratings) Oct. 4, 2016--S&P Global Ratings said today that its ratings on NVA Holdings Inc., 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 $140 million add-on to the second-lien term loan. The recovery rating on the company's first-lien term loan remains '3', reflecting our expectation for meaningful (50%-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 proceeds of the add-on to pay down $60 million of
