| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Cobra Equity Holdco LLC > News item |
S&P rates Cobra Equity B
S&P said it gave Cobra Equity Holdco LLC, the parent of Cobra AcquisitionCo LLC, a B rating. The outlook is negative.
“We revised our outlook on Cobra AcquisitionCo LLC to negative from stable and affirmed the B issuer credit rating. We affirmed our B- rating on the company's senior unsecured debt, issued by Cobra AcquisitionCo LLC,” the agency said in a press release.
S&P noted the increased leverage, as measured by debt to adjusted total equity, to 7.45x as of March 31 from 5.5x at Dec. 31. “The rise in leverage owed primarily to a $374.5 million distribution to owners (including financial sponsor Warburg Pincus), which reduced ATE to $888 million as of March 31, 2022, from $1.3 billion at year-end 2021.”
The negative outlook reflects the view that leverage could stay above 6.5x over the next 12 months, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.