S&P downgrades Savers

S&P said it lowered the corporate credit rating on Evergreen AcqCo 1 LP (Savers) to CCC from CCC+.

The outlook is negative.

The agency also lowered the issue-level ratings on the company's $60 million revolver and $715 million term loan to CCC from CCC+. The 3 recovery rating indicates an expectation for meaningful (50% to 70%, recovery estimate: 55%) recovery in the event of a payment default.

“The downgrade reflects our forecast that Savers' operating performance will not materially improve over the next 12 months, ahead of its 2019 revolver and term loan maturities,” S&P said in a news release.

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