S&P cuts Chobani

S&P said it lowered the ratings on Chobani Global Holdings LLC and the company’s senior secured credit facilities to B- from B. The agency also lowered the rating on the senior unsecured notes to CCC from CCC+.

S&P cited higher than estimated capital spending by Chobani that has kept free operating cash flow negative and the lack of cash flow will prevent the company from paying down debt.

The outlook is stable.

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