U.S. bicycle components maker SRAM LLC is refinancing its capital structure, which would lower annual interest costs and extend maturities. We are assigning the company's proposed $315 million revolving credit facilities an issue-level rating of a 'BB-' with a recovery rating of '2'. In addition, we are raising our corporate rating on SRAM to 'B+' from 'B'. The stable rating outlook reflects our expectation that revenue and EBITDA growth in 2010 will allow the company to maintain sufficient margin of compliance with financial covenants. On April 23, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on SRAM LLC to 'B+' from 'B'. The rating outlook is stable. In addition, we assigned our issue-level and recovery ratings to
