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S&P cuts Photonis Technologies
S&P said it lowered its long-term issuer credit rating on Photonis Technologies SAS to CCC from CCC+. The outlook is negative.
S&P also lowered the issue rating on Photonis' senior secured term loan B due September 2019 to CCC from CCC+. The recovery rating remains unchanged at 3, indicating meaningful (50%-70%; rounded estimate: 55%) recovery prospects in the event of a default.
“The downgrade primarily reflects our belief that Photonis could default within the next 10 months if it does not successfully refinance its €252 million term loan B due on Sept. 18, 2019,” S&P said in a news release.
“Nevertheless, we forecast that Photonis' full-year 2018 results will meet our base-case expectations thanks to a pick-up in demand and start of production of the company's night vision and power tubes. Also, the anticipated increase in EBITDA comes on the back of the company's cost-reduction and yield optimization plan.”
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