S&P lowers Zinc-Polymer

S&P said it downgraded the ratings for Zinc-Polymer Parent Holdings LLC and its senior secured credit facilities to CCC+ from B.

“Zinc-Polymer Parent Holdings LLC (Jadex Inc.) has not reduced its transaction and restructuring costs from spinning out of Newell Brands at the pace we anticipated, leading to higher adjusted leverage metrics relative to peers'. While we believe these costs will decline over time, our economists' revised macroeconomic outlook that we are in a global recession puts significant pressure on demand for the company's products, in our view, and is likely to result in meaningfully higher debt leverage over the next year,” said S&P in a press release.

The outlook is negative.

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