S&P cuts Brock Holdings II

S&P said it lowered its corporate credit rating on Brock Holdings II Inc. and its wholly owned subsidiary Brock Holdings III Inc. (Brock) to SD from CCC-.

At the same time, S&P lowered its issue-level rating on Brock's second-lien term loan due 2018 to D from C. The 6 recovery rating remains unchanged, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default.

“The downgrade follows The Brock Group's announcement that American Industrial Partners has acquired majority ownership of the company,” S&P said in a news release.

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