S&P downgrades Dayco

S&P said it downgraded Dayco LLC’s issuer and first-lien term loan facility to CCC from B-. The recovery score remains 4, representing an average recovery (30%-50%; rounded estimate: 35%) in default.

Dayco's principal credit facilities consisting of an asset-based loan and first-lien term loan are now current, as maturity is within 12 months on May 19, 2023.

“As a result of the debt becoming current, S&P Global Ratings anticipates considerably higher refinancing risk against the backdrop of original equipment manufacturing (OEM) production volatility, and rising macroeconomic uncertainty,” the agency said in a press release.

The outlook is negative.

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