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S&P downgrades PTC Alliance
Standard & Poor’s said it lowered the corporate credit rating on PTC Alliance Holdings Corp. to CCC from B-.
The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in June following the PTC Seamless Tube Corp. bankruptcy.
The outlook is negative.
S&P also said it lowered the ratings on the company’s $70 million senior secured term loan due December 2016 and $50 million senior secured term loan due December 2018 to CCC+ from B.
The recovery rating on the debt remains at 2, indicating 70% to 90% expected default recovery.
The downgrades reflect a view that PTC’s upcoming debt maturities could lead to a near-term liquidity crisis within the next 12 months, increasing the likelihood of default, S&P said.
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