...New York (S&P Global Ratings) Aug. 3, 2017--S&P Global Ratings today assigned its '##' issue-level rating to Valvoline Inc.'s proposed $400 million senior unsecured notes due 2025 with a '4' recovery rating, reflecting our expectation for average (30%-50%, rounded estimate 45%) recovery in the event of a payment default. We expect the company to contribute the majority of net proceeds from the proposed issuance to its pension plans. The notes will be guaranteed by each of the company's direct and indirect domestic restricted subsidiaries that guarantee the senior secured credit facilities. Pro forma for the transaction, total debt outstanding is about $1.5 billion. All of our existing ratings on the company, including our '##' corporate credit rating, '###-' senior secured credit facility, and '##' senior unsecured note ratings, are unchanged by this transaction. The outlook is stable. Our ratings on Valvoline incorporate the company's well-known and reputable brand name, its defensible...
