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Prospect News home > News index > List of issuers W > Headlines for WireCo WorldGroup, Inc. > News item |
S&P lowers WireCo view to negative
Standard & Poor's said it revised the outlook on WireCo WorldGroup Inc. to negative from stable and affirmed its B corporate credit and issue-level ratings.
The 2 recovery rating on WireCo's senior secured credit facilities due 2017 and 5 recovery rating on the company's 9˝% senior unsecured notes due 2017 are unchanged.
The 2 recovery rating indicates 70% to 90% expected default recovery. The 5 recovery rating indicates 10% to 30% default recovery.
WireCo is facing sizable debt maturities in the first half of 2017, as well as weakening credit measures with adjusted leverage of about 8x, S&P said.
The company’s cash balance and projected cash flows are unlikely to be sufficient to meet repayments, the agency said, and a lack of timely refinancing will reduce the company's liquidity.
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