S&P trims Planet Intermediate

S&P said it lowered its issuer credit rating on Planet Intermediate LLC to B+ from BB- and removed the rating from CreditWatch, where S&P placed it with negative implications on July 9.

The outlook is stable.

Subsequently, S&P said it withdrew its issuer credit rating on Planet Intermediate at the issuer's request.

At the same time, S&P withdrew its BB- issue-level rating and 3 recovery rating on the company's secured credit facility because the debt has been repaid.

The previous credit facility consisted of an undrawn $75 million revolver that was scheduled to mature in 2019 and a term loan B with $708 million outstanding that was scheduled to mature in 2021.

“The one-notch downgrade reflects the significant and sustained increase in Planet Intermediate's lease-adjusted debt-to-EBITDA from the low-3x area to around 6x as of the close of the transaction, which is well above our 5x downgrade threshold for the BB- rating,” S&P said in a news release.

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