S&P puts Mobileum on watch

S&P said it placed its ratings for Mobileum (Matrix Holdings Inc.), including the B- rating on its $380 million first-lien term loan, on CreditWatch with negative implications. The company’s loans were borrowed by Matrix Parent Inc.

“The CreditWatch placement reflects the heightened risk around the company's current financial situation. In addition, given Mobileum's elevated leverage and our expectation it will generate negative free operating cash flow this year, we believe that any operational missteps could lead to further deterioration in its credit metrics,” S&P said in a press release.

The agency said it aims to resolve the negative watch over the coming months after analyzing Mobileum financial position and it transitions to a new permanent CFO.

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