S&P slashes APP Holdco

S&P said it downgraded APP Holdco LLC’s preliminary issuer rating to CCC- from B-, placed its ratings on CreditWatch with negative implications and then withdrew its ratings.

“The downgrade to CCC- reflects our view that near-term default risk is high given the company's debt maturities. The company launched an attempted refinancing last month to address its imminent maturities, comprised of about $472 million debt maturing on Dec. 21, 2021. The company has subsequently pulled that deal off the market in order to pursue alternative resolutions, but the near-term debt maturity remains outstanding at this time,” S&P said in a press release.

APP had planned to secure a $60 million revolver and a $520 million first-lien term loan and use the term loan to refinance its debt. Last month, S&P warned that if the deal did not close as expected a downgrade was possible.

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