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S&P downgrades NexTag
Standard & Poor's said it lowered its corporate credit rating on NexTag Inc. to CCC from B-. The outlook is negative.
At the same time, S&P lowered its issue-level rating on the company's senior secured debt to CCC (at the same level as the corporate credit rating) from B-. The recovery rating on this debt remains 3, indicating an expectation for meaningful (50%-70%) recovery for debtholders in the event of a payment default.
"The downgrade is based on the company's recent weak operating performance and our view that the company will need to amend its credit facility before the end of 2013," said S&P credit analyst Elton Cerda in a news release.
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