S&P changes ClubCorp view to negative

S&P said it revised its outlook on ClubCorp Holdings Inc. (doing business as Invited, Inc.) to negative from stable and affirmed the CCC+ issuer credit rating.

S&P also affirmed the B- issue-level rating on Invited's senior secured credit facility. The agency also affirmed the CCC- issue-level rating on the company's $425 million senior notes due 2025. The recovery ratings on this debt remain unchanged.

“The negative outlook reflects our belief that weak near-term credit measures and the upcoming maturity of Invited's $1.1 billion term loan at a time of heightened capital market uncertainty may make refinancing at acceptable terms challenging,” S&P said in a news release.

S&P noted that Invited's $425 million senior notes mature in 2025 and will need to be addressed prior to any extension of the $1.1 billion term loan.

“The notes currently trade significantly below par at high yields that we believe are distressed, increasing the likelihood of a distressed exchange,” S&P said in the release.

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