Rating On Reception Purchaser LLC's First-Lien Third-Out Term Loan Corrected To 'CCC-' (Recovery Rating: '6')

TORONTO (S&P Global Ratings) Dec. 4, 2024--S&P Global Ratings today corrected its issue-level rating on Bensenville, Ill.-based Reception Purchaser LLC's (d/b/a STG Logistics) new first-lien, third-out (FL3O) term loan to 'CCC-'. We had previously incorrectly assigned our 'CCC' issue-level rating to the $93 million FL3O tranche on the basis of an incorrect determination of the instrument's recovery prospects. The correct recovery rating for the obligation is '6' rather than '5'. Consequently, the correct issue-level rating is 'CCC-' instead of 'CCC'. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. All of our other ratings on STG Logistics, including the issuer credit rating, are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key

...December 4, 2024 TORONTO (S&P Global Ratings) Dec. 4, 2024--S&P Global Ratings today corrected its issue-level rating on Bensenville, Ill.-based Reception Purchaser LLC's (d/b/a STG Logistics) new first-lien, third-out (FL3O) term loan to '###-'. We had previously incorrectly assigned our '###' issue-level rating to the $93 million FL3O tranche on the basis of an incorrect determination of the instrument's recovery prospects. The correct recovery rating for the obligation is '6' rather than '5'. Consequently, the correct issue-level rating is '###-' instead of '###'. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. All of our other ratings on STG Logistics, including the issuer credit rating, are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors - Our '1' recovery rating on the new first-lien first-out term loan indicates our expectation for very high (90%-100%; rounded estimate:...

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