NEW YORK (Standard&Poor's) Dec. 4, 2012--Standard&Poor's Ratings Services said today that it is assigning its 'B' rating to industrial manufacturer Cleaver-Brooks Inc.'s (B/Stable/--) $285 million senior secured notes due in seven years that the company is issuing as part of current private equity sponsor Wellspring Capital's plan to sell Cleaver-Brooks to Harbour Group. We have assigned a recovery rating of '4' to the notes, indicating average (30%-50%) recovery in the event of a default. We are also assigning our 'BB-' rating to the company's $50 million asset-based loan (ABL) revolving credit facility due in five years, with a recovery rating of '1', indicating very high (90-100%) recovery in the event of a default. Details regarding the
