On Feb. 24, 2004, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to Mount Morris, N.Y.-based American Rock Salt Company LLC (ARSC). At the same time, Standard&Poor's assigned its 'B+' rating and its recovery rating of '1' to ARSC's proposed $62.1 million senior secured bank credit facility. The bank loan rating is rated one notch higher than the corporate credit rating; this and the '1' recovery rating indicate a high expectation of full recovery of principal in the event of a default. Standard&Poor's also assigned its 'B-' rating and its recovery rating of '3' to the company's $100 million senior secured notes due 2014. The 'B-' rating is one notch below the corporate
