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S&P cuts Prospect to SD, notes to C
Standard & Poor's said it lowered its long-term issuer credit rating on Prospect Holding Co. LLC to SD from CC and the rating on the senior notes to D from CC.
The actions follow Prospect's finalization of its previously announced tender offer for its senior notes. The company paid $53 million to redeem and retire notes with a notional value of about $88 million. The $53 million in capital largely came from the company's recent sale of its mortgage servicing rights portfolio. Following the March 8 tender offer, the company will have about $41.5 million of senior notes remaining.
"We will look to raise the issuer credit rating from SD in as soon as one business day. However, we expect to leave the remaining senior notes at D since the company could make additional purchases on the secondary market at distressed prices," S&P credit analyst Stephen Lynch said in a news release.
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