S&P pares Shutterfly

S&P said it lowered its rating for Photo Holdings LLC (Shutterfly Inc.) to CCC from B-.

The agency said it sees tight liquidity ahead for the company stemming from reduced consumer spending and higher interest on its floating-rate debt.

“This, combined with S&P Global Ratings-adjusted leverage above 11x and negligible free operating cash flow in 2022 threatens the sustainability of the company's capital structure,” S&P said in a press release.

The outlook is negative.

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