S&P downgrades City Brewing

S&P said it lowered its issuer credit rating on City Brewing Co. LLC to SD (selective default) from CCC and the issue-level rating on its term loan B to D from CCC.

City Brewing entered into an agreement with a group of its lenders to restructure its senior secured term loan B. The transaction also includes $115 million of new incremental debt funding.

“We view the proposed transaction as distressed and tantamount to default because City Brewing's existing lenders will receive less than they were originally promised,” S&P said in a news release.

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