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S&P cuts Data Axle
S&P said it lowered its ratings on Data Axle Inc. and its loans to CCC- from CCC and placed the ratings on CreditWatch with negative implications.
The company's $236.9 million first-lien term loan matures on April 3, 2023, and its revolving $17.5 million credit facility has a springing maturity of Jan. 3, 2023.
“Data Axle faces execution risks from refinancing its upcoming debt maturities within the next three to six months. The downgrade reflects the increased risk that the company will be unable to refinance its first-lien secured debt at par prior to its maturity,” S&P said in a press release.
The negative watch indicates a possible downgrade unless it refinances its capital structure before the revolver's springing maturity date or announces a debt restructuring transaction, the agency said.
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