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S&P downgrades CCS
Standard & Poor’s said it lowered the corporate credit rating on CCS Intermediate Holdings LLC to B- from B.
The agency also said it lowered the ratings on the company’s first-lien debt, consisting of a $50 million revolver and $335 million term loan, to B- from B. The recovery rating on the debt remains at 3, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on its $170 million second-lien term loan to CCC from CCC+. The recovery rating on the debt remains at 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
The agency also said it lowered the ratings because the company underperformed on expectations and because covenant headroom will remain thin over the next year.
Margins have been weaker than expected because of the underperformance of certain contracts, contract losses, weakness in the smaller Community Services division and slower-than-anticipated realization of synergies, S&P said.
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