NEW YORK (Standard&Poor's) July 11, 2014--Standard&Poor's Ratings Services today revised its recovery rating on Spencer Spirit Holdings Inc.'s senior secured term loan to '3' from '4', which does not result in a change to the 'B' issue-level rating. The 'B' corporate credit rating and stable outlook on the company remain unchanged. The higher '3' recovery rating on this debt indicates our expectation for meaningful(50%-70%) recovery in the event of a payment default. It also reflects a revision of the term loan amount to $225 million from the $360 million originally announced in June, resulting in lower senior secured debt outstanding at the time of our simulated bankruptcy. The company will use proceeds to redeem its $175
