S&P cuts Accell Group

S&P said it lowered its long-term issuer credit rating on Accell Group's parent company, Sprint HoldCo BV, and its senior secured term loan B issue rating to B- from B and placed them on CreditWatch with negative implications.

“The CreditWatch placement reflects the risk of a downgrade if Accell Group's liquidity position is not addressed in the next few months, either through the reception of external funding support (new bank lines or shareholder support) or a material unwinding of its working capital that would translate into at least neutral FOCF after lease payments,” S&P said in a news release.

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