S&P downgrades Robertshaw

S&P said it lowered its ratings for Robertshaw US Holding Corp. (Range Parent Inc.) to D from CCC-, its first-out term loan to D from CCC+ and its second-out, third-out, fourth-out and fifth-out term loans to D from C.

The downgrade follows Robertshaw reporting on Thursday that it filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the agency said.

“Robertshaw entered into a restructuring support agreement with a significant portion of its current lending group. The company intends to finance its operations throughout Chapter 11 proceedings with cash on hand and access to an approximately $55 million, new money debtor-in-possession financing facility, subject to bankruptcy court approval,” S&P said in a press release.

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