LSF11 Trinity Bidco Inc. (dba Titan) is planning to fund a $210 million dividend with a combination of cash and a $130 million fungible add-on to its term loan B. We affirmed our 'B' issuer credit rating on Titan. At the same time, we affirmed our 'B' issue-level rating and '3' recovery rating on the company's proposed upsized term loan B. The stable outlook reflects our expectation that S&P Global Ratings-adjusted debt to EBITDA will be 5.3x-5.7x in 2025 and 5x-5.4x in 2026. In terms of maintenance and modernization, Titan was recently awarded work on the USS Kidd and the U.S. Navy intends to award Titan similar contracts on the USS Gridley and USS Sampson in coming years. We expect
