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S&P slashes Covis Finco
S&P said it downgraded its ratings for Covis Finco Sarl to SD, selective default, from CCC- and its $683 million outstanding first-lien term loan and its $64 million super senior loan to D from CCC+. Both loans are due in 2027.
“Covis Finco has commenced a debt restructuring process with its lenders. Although we understand that the process is ongoing, we view the restructuring measures already agreed with the lenders as distressed and tantamount to a default because we think they result in lenders receiving less than the original promise,” S&P said in a press release.
The agency said it withdrew its ratings for Covis and its loans at the company’s request.
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