S&P drops Lucky Bucks to D

S&P said it dropped its ratings for Lucky Bucks LLC and its loans to D from CCC- and removed the negative watch on the ratings, where they were placed on Jan. 17.

Lucky Bucks skipped the interest and debt amortization payments due March 30, and March 31, respectively, on its first-lien debt.

“We classify the missed interest and amortization payments as a general default under our methodology. We believe the company will fail to pay all or substantially all of its obligations as they come due. Therefore, we lowered our issuer credit rating and issue-level ratings on Lucky Bucks to D. We expect to withdraw the ratings after 30 days,” S&P said in a statement.

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