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S&P lowers New Millennium to D
S&P said it downgraded the ratings for New Millennium Holdco Inc. and its term loan to D from CC after the company missed principal and interest payments due March 31 on its term loan, which S&P considers a default.
The agency said it doesn’t expect New Millennium to make the payments within the grace period.
The company had $557 million outstanding on the $600 million term loan. The loan is the only debt in New Millennium’s capital structure.
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