S&P snips ProFrac

S&P said it lowered ProFrac Holdings LLC’s issuer rating to B- from B and placed all its ratings on CreditWatch with developing implications.

ProFrac’s $808 million term loan matures in March 2025.

“We believe there is increasing risk that the company will be unable to refinance the facility before it becomes current in March 2024, which would accelerate the maturity of its asset-based lending (ABL) revolver to December 2024,” S&P said in a press release.

The agency explained it could upgrade or downgrade ProFrac depending on how it handles the term loan.

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