S&P puts Planet Intermediate on watch

S&P said it placed its BB- corporate credit rating on Planet Intermediate LLC on CreditWatch with negative implications.

The BB- issue-level rating on Planet Intermediate's existing senior secured revolving credit facility and term loan is unchanged because this debt will be repaid when the proposed transaction closes.

“The CreditWatch placement reflects a significant increase in our forecast for lease-adjusted debt-to-EBTIDA from the low-3x area in 2018 to around 6x at transaction close, which is well above our 5x downgrade threshold,” S&P said in a news release.

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