U.S. bicycle components maker SRAM recently closed on a new $655 million first-lien credit facility and a $185 million second-lien term loan. The company used the proceeds from the new credit facilities to refinance existing indebtedness and repurchase the ownership interests of Trilantic Capital Partners. We are assigning ratings to the first- and second-lien senior secured credit facilities. The positive rating outlook reflects our belief that the successful completion of a recently proposed initial public offering (IPO) could result in debt repayment sufficient to reduce leverage to a level supportive of a one-notch upgrade. On June 17, 2011, Standard&Poor's Ratings Services assigned issue-level ratings to the SRAM LLC's first- and second-lien senior secured credit facilities. We assigned our
