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S&P downgrades Technicolor
S&P said it lowered its long-term issuer credit rating on Technicolor SA to B+ from BB- and affirmed the B short-term issuer credit rating.
The outlook is stable.
The agency also lowered its issue rating on the term loans issued by Technicolor to B+ from BB-. The recovery rating remains at 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default.
“The downgrade reflects our revised base case for Technicolor's EBITDA and credit metrics,” S&P said in a news release.
“The base case takes into account lower results than we expected for 2017, continued high memory chip prices weighing on Connected Home's 2018 EBITDA, and the exclusion of Technicolor's patent licensing business after the group agreed to sell it to Interdigital in March.”
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