medium · Corporate Credit Analysis cap-structure
In a S&P Global Ratings framework, if the Issuer Credit Rating (ICR) is B, the Second-Lien debt with a Recovery Rating of 2 (70-90% recovery) would typically be notched:
- One notch above the ICR to B+.
- One notch below the ICR to B-.
- Pari passu with the ICR at B.
- Two notches above the ICR to BB-.
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