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S&P revises Jack Cooper to D
S&P said it revised the corporate credit rating on Jack Cooper Holdings Corp. to D.
The agency also said it revised the rating on Jack Cooper's $375 million senior secured notes due in 2020 to D from C and removed them from CreditWatch with negative implications, where they were placed in April.
The 5 recovery rating is unchanged, indicating 10% to 30% expected default recovery.
The D rating on Jack Cooper Holdings parent, Jack Cooper Enterprises Inc.'s senior unsecured payment-in-kind (PIK) toggle notes and 6 recovery rating are unchanged.
The 6 recovery rating indicates 0 to 10% expected default recovery.
S&P also noted that in previous reviews, the agency incorrectly applied distressed-exchange criteria to Jack Cooper Holdings and revised the corporate credit rating on this legal entity to SD in error.
This followed a distressed exchange on the PIK toggle notes issued by a different legal entity, parent Jack Cooper Enterprises, the agency said.
Therefore, from Dec. 9, 2016, to June 7, 2017, the corporate credit rating on Jack Cooper Holdings should have remained at CC and on CreditWatch with negative implications, S&P said.
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