...NEW YORK (S&P Global Ratings) Sept. 11, 2017--S&P Global Ratings today assigned its 'B+' issue-level rating and '5' recovery rating to TriMas Corp.'s proposed $300 million senior unsecured notes. The '5' recovery rating indicates our expectation of modest recovery (10% to 30%, rounded estimate 25%) in the event of a payment default. The company intends to use the proceeds of the offering to repay its existing term loan A and a portion of the amounts outstanding under its receivables facility. We expect the company's credit measures to be materially unchanged from the transaction. We will withdraw the ratings on the company's existing credit facilities at the close of the transaction. RECOVERY ANALYSIS Key analytical factors + We simulate a default occurring in 2021, contemplating extended difficult market conditions in TriMas' diverse but competitive end markets and raw material pressures, which severely hurt sales and margins. + We estimate the company's $300 million revolving credit facility...
