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S&P downgrades Alorica
S&P said it lowered its issuer credit rating on Alorica Inc. to CCC- from B and placed the ratings on CreditWatch with negative implications.
S&P also lowered the senior secured issue-level ratings to CCC from B+. The recovery ratings remain unchanged.
Alorica is facing a likely payment default on Oct. 18 when $100 million term loan prepayment is due, S&P said.
“The downgrade reflects the company's upcoming debt maturity and our belief that it will likely experience a payment default over the next five to 10 days,” S&P said in a news release.
“The CreditWatch placement indicates the high likelihood that we will lower our issuer credit rating and issue-level ratings on the company to D over the next five to 10 days if it fails to address the upcoming term loan payment.”
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