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S&P changes Compass Group view to negative
S&P said it revised the outlook for Compass Group Diversified Holdings LLC to negative from positive.
“CODI’s portfolio companies are somewhat vulnerable in the current market environment. We believe that most of CODI’s portfolio companies are likely to have declining performance in 2020, given the stay-at-home orders and recession. In our base-case scenario, the portfolio companies will be able to continue making interest payments to CODI. However, we believe that the company’s cash flow coverage or LTV could weaken and trigger the downside threshold for the rating.
The agency affirmed the B rating on the senior unsecured notes, the BB rating on the company’s revolver and the company’s B+ rating.
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