...NEW YORK (Standard & Poor's) Feb. 25, 2016--Standard & Poor's Ratings Services said today that its ratings on NVA Holdings Inc., including its 'B' corporate credit rating, 'B' first-lien issue-level rating, and '###+' second-lien issue-level rating, are not affected by the company's issuance of a $115 million add-on to the first-lien term loan. The recovery rating on the company's first-lien term loan is '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 the add-on proceeds to fund acquisitions. We have determined, based solely on the developments described herein, that no rating actions are currently warranted. Only a rating committee may determine a rating action and, as these developments were not viewed as material to the ratings,...
