MSD Partners L.P. has entered into a definitive agreement to acquire Ring Container Technologies Group LLC. Therefore, we are assigning our 'B' corporate credit rating to Ring Container Technologies Group LLC. At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's proposed $540 million first-lien credit facilities. The stable outlook reflects our expectation that Ring will reduce its adjusted debt-to-EBITDA to between 5.5x and 6.0x over the next 12-18 months. On Sept. 25, 2017, S&P Global Ratings assigned its 'B' corporate credit rating to Oakland, Tenn.-based Ring Container Technologies Group LLC. The outlook is stable. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's
