U.S.-based Renfro is recapitalizing with a proposed $220 million senior credit facility to refinance existing debt and pay a $75 million dividend to its financial sponsor. We are affirming our 'B' corporate credit rating on Renfro. We are also assigning a 'B' issue-level rating on their senior secured debt, with a '4' recovery rating. We are revising the outlook to stable from positive based on the additional debt's effect on credit measures, and our belief that the credit measures will not improve enough to support a higher rating during the outlook period as previously expected. NEW YORK (Standard&Poor's) Jan. 9, 2013--Standard&Poor's Ratings Services affirmed its 'B' corporate credit rating on North Carolina-based Renfro Corp. and revised
