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S&P downgrades Fastlane
Standard & Poor’s said it lowered the corporate credit rating on Fastlane Holding Co. Inc. to CCC+ from B-.
The outlook is stable.
The agency also said it lowered the rating on the company’s senior secured first-lien term loan to CCC+ from B-.
The 4 recovery rating on the debt is unchanged, indicating 30% to 50% expected default recovery.
S&P also said it lowered the rating on Fastlane’s senior secured second-lien term loan to CCC- from CCC.
The 6 recovery rating on the debt is unchanged, indicating 0 to 10% expected default recovery.
The downgrade reflects an opinion that Fastlane’s long-term financial commitments are unsustainable, S&P said.
While its near-term liquidity is adequate, the company is dependent on favorable business, financial and economic conditions to refinance its revolver in 2017, the agency said.
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