U.S.-based SRS Distribution Inc. plans to issue an incremental $127 million first-lien term loan add-on and a $130 million second-lien term loan to fund a $264 million dividend to its owners. The first-lien term loan add-on will increase the balance of SRS's existing $323 million first-lien term loan due 2022 to approximately $450 million. We are revising our business risk assessment of the company to fair from weak. The financial risk profile remains highly leveraged. As a result, we are affirming our 'B' corporate credit rating on SRS. At the same time, we are affirming our 'B' issue-level rating the company's first-lien term loan. The recovery rating on the term loan remains '3'. We are also assigning our 'CCC+' issue-level
