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S&P cuts LSC Communications
S&P said it lowered its issuer credit rating on LSC Communications Inc. to B from B+ and placed the rating on CreditWatch with developing implications.
The agency also lowered its issue-level ratings on the company's first-out senior secured revolving credit facility to BB- from BB and on the senior secured term loan and notes to B- from B and placed the ratings on CreditWatch with developing implications.
The recovery ratings are unchanged.
“We expect U.S. commercial printer LSC Communications Inc.'s adjusted leverage to remain elevated above 4x due to revenue declines, cost pressures, and continued weakness in its end markets,” S&P said in a news release.
“Further, the U.S. Department of Justice (DOJ) has filed suit to prohibit the proposed acquisition of LSC by Quad/Graphics Inc., which increases the uncertainty of a successful transaction.”
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