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S&P downgrades Ulterra
Standard & Poor's said it lowered the corporate credit rating on Ulterra Holdings Inc. to CCC+ from B-.
The agency also said it lowered the senior secured debt rating to B- from B. The recovery rating remains at 2, indicating 70% to 90% expected recovery in a default.
The outlook is developing.
The downgrade reflects the company's weak liquidity and a concern that sources of cash could be insufficient to cover its obligations or any unforeseen events, S&P said.
Ulterra had a weak second quarter, as the seasonal decline in Canada was larger than expected, the agency said, and the company burned through more than $7 million of liquidity.
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