S&P puts SnapAV on watch

S&P said it placed its B issuer credit rating and all issue-level ratings on Crackle Intermediate Corp. (dba SnapAV) on CreditWatch with negative implications, reflecting the risk of a downgrade due to potentially higher leverage.

The CreditWatch placement follows SnapAV's announcement of plans to acquire Control4 for $680 million.

“We will monitor developments related to the proposed transaction, including the proposed new debt's terms, repayment plans, financial policy, and required approvals, and plan to resolve the CreditWatch following the close of acquisition. We would not expect to downgrade Crackle by more than one notch,” S&P said in a news release.

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