Despite considering the action sports brand’s issuance of a super senior term loan tantamount to a default because it relegated existing lenders to a junior position, Standard & Poor’s raised Boardriders issuer credit rating to CCC from SD. A rating of CCC was also given to the new debt, and the $119 million 2024 term loan was raised to CC from D. It expects lenders’ average recovery for the super senior term ... Log in to view full article.