S&P cuts Innovative Water Care, view to negative

S&P said it downgraded Innovative Water Care Global Corp. and the rating on its $360 million first-lien term loan due 2026 to B- from B. The 3 recovery rating on the loan is unchanged, which reflects a rounded estimate recovery of 65% in the event of a payment default.

The agency also downgraded the issue-level rating on the company’s $100 million second-lien term loan due 2027 to CCC+ from B-, with a recovery rating of 5 reflecting a rounded estimated recovery of 15%.

S&P also revised the outlook for Innovative to negative from stable.

“The downgrade and outlook revision reflects weak operating performance due to higher than expected costs to recapture lost business and a weak selling season that plagued the U.S. pool products industry this year,” said S&P in a press release.

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