We have reviewed Cleaver-Brooks Inc.'s proposed new debt financing, which the company plans to use to refinance existing debt and pay a dividend to its sponsor. We are assigning our 'B' corporate credit rating to U.S.-based manufacturer. We are also assigning a 'B' issue-level rating to the company's proposed offering of $200 million senior secured notes due 2016. The recovery rating on this issue is '4'. The outlook is stable. On April 14, 2010, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to Thomasville, Ga.-based Cleaver-Brooks Inc. We are also assigning our 'B' issue-level rating to the proposed offering of $200 million senior secured notes due 2016. The company is selling these notes under Rule 144A without
