Enpro Inc. repaid 100% of its first-lien term loan, drawing on its upsized $800 million revolving credit facility (RCF). The upsized facility increases the amount of senior secured debt ahead of the unsecured notes in the payment waterfall in our default scenario. We assume 85% of the facility is drawn at default. We affirmed our ?BB? issuer credit rating on Enpro. At the same time, we lowered our issue-level rating on its $350 million senior unsecured notes to ?BB-? from ?BB? and revised the recovery rating to ?5? from ?4?. The ?5? recovery rating indicates our expectation of modest (10%-30%; rounded estimate: 25%) recovery in the event of a default. The stable outlook reflects our expectation for S&P Global Ratings-adjusted
