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S&P cuts Propulsion Acquisition
S&P said it lowered the issuer credit rating on Propulsion Acquisition LLC (Belcan) to CCC+ from B-.
At the same time, S&P cut the rating on the company’s term loan to CCC+ from B-. The 4 recovery rating is unchanged.
The outlook is negative.
“Disruptions to credit markets and weakness in the commercial aerospace market caused by the coronavirus pandemic may make it difficult for Belcan to refinance or extend the maturity of its term loan,” S&P said in a news release. “The loan has about $500 million outstanding and matures in July 2021.”
“We also believe the company is at risk of violating its net leverage covenant, which decreases to 5x for the quarter ending Dec. 31, 2020,” S&P added in the release.
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