Nova Scotia-based value-added frozen seafood provider High Liner Foods Inc. announced a proposed US$60 million fungible add-on to its existing term loan B. The company will use the proceeds to pay down the borrowings under its asset-based revolving credit facility. Pro forma for this transaction, based on last-12-months September 2025 EBITDA, we expect S&P Global Ratings-adjusted debt to EBITDA of about 3.6x. We affirmed our 'B+' issuer credit rating on High Liner. At the same time, we affirmed our 'BB-' issue-level rating on the company?s term loan B. The ?2? recovery rating is unchanged, indicating our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of hypothetical default. The outlook remains stable. The stable outlook reflects our expectation
