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S&P cuts Mad Engine
S&P said it downgraded Mad Engine Global LLC and its senior secured debt to CCC+ from B-. The recovery rating is unchanged at 4, which indicates average recovery (30%-50%; rounded estimate: 45%) in default.
“The downgrade reflects the deterioration of Mad Engine's credit metrics in light of the challenging retail and macroeconomic environment during the second half of 2022. Though these pressures have begun to wane, we expect leverage and coverage metrics will remain weak in 2023,” S&P said in a press release.
At the end of fiscal year 2022, Mad Engine’s pro forma leverage climbed to the low-double-digit range from 5.5x at the end of fiscal 2021, the agency noted.
The outlook is negative.
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