North American promotion and supply chain service company Inmar Inc. is undergoing a leveraged buyout (LBO) transaction, whereby ABRY Partners will purchase the company from New Mountain Capital. The transaction materially weakens credit measures in our view. We are lowering the corporate credit rating to 'B' from 'B+'. We are assigning a 'B' issue rating on the first-lien debt with a '3' recovery rating, and we are assigning a 'CCC+' issue rating on the second-lien debt with a '6' recovery rating. The outlook is stable, which reflects our base-case scenario of modest debt reduction and EBITDA growth in 2014. We believe Inmar will continue to benefit from growth in new verticals, and operating leverage is likely to continue. On Jan.
