S&P lowers Dodge Construction

S&P said it lowered the issuer credit rating of Dodge Construction Network LLC by one notch to CCC+.

Additionally, the agency lowered the first-lien credit facility issue-level rating by one notch to CCC+ and the second-lien term loan issue-level rating by one notch to CCC-.

The outlook is negative.

The performance and liquidity of Dodge Construction Network is likely to weaken further this year due to weak macroeconomic conditions and S&P’s expectation for interest rates to remain high for longer periods. This increases the likelihood for a distressed restructuring, S&P said in a news release.

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