...May 4, 2020 NEW YORK (S&P Global Ratings) May 4, 2020--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to industrial packaging manufacturer Mauser Packaging Solutions Holding Co.'s proposed $150 million senior secured notes due 2024. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The proposed notes will be governed by the same indenture as the company's existing senior secured notes due 2024. Mauser is issuing the notes to provide it with additional liquidity and for general business purposes. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors - We assigned our 'B' issue-level rating and '3' recovery rating to Mauser's proposed $150 million senior secured notes. - Our simulated default scenario assumes a default occurring in 2023 because of declining sales volumes due to weak chemicals, housing/construction, and petrochemical demand. We also assume that...
