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S&P trims MCS
S&P downgraded ASP MCS Acquisition Corp. (MCS) and its secured term loan to D from CCC. The 4 recovery rating, which indicates S&P’s expectation of 30%-50% recovery is unchanged.
The downgrade follows MCS missing its June 15 interest payment on its secured loan, and the agency’s belief MCS is unlikely to make the payment within the five-day grace period, S&P said.
“We expect MCS will quickly obtain a 30-day forbearance agreement from its lenders and use the time to effect a debt restructuring that will support the longer-term viability of its capital structure,” S&P said in a press release.
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