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S&P lifts CommScope debt to BB-
S&P said it raised CommScope Holding Co. Inc.'s unsecured debt instruments to BB- from B+ and removed them from CreditWatch, where they were placed them on March 2.
The recovery rating was revised to 4 from 5. The 4 recovery rating reflects an expectation for average recovery (30%-50%; rounded estimate: 35%) in the event of payment default.
S&P said the upgrade follows the close of the company’s $750 million unsecured notes due 2027 and the redemption of its $500 million secured notes due 2020, and reflects the decreased amount of secured debt. These ratings are the same ratings assigned to the $750 million unsecured notes.
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