11:00 AM EDT, 03/18/2024 (MT Newswires) -- S&P Global Ratings on Monday assigned its B+ issue-level rating Mattr Corp.'s ( MTTRF ) C$150 million unsecured notes due 2031.

At the same time, the rating agency assigned its BB+ issue-level rating to the company's $300 million revolving credit facility.

"We estimate the recoveries for the company's secured and unsecured lenders in our simulated default scenario will be moderately higher than we previously anticipated because we believe the divestiture of its volatile pipe coating business and planned investments will support improving and more-stable profitability. Therefore, we anticipate the company's emergence EBITDA would likely be higher than we previously forecast," the agency said.

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