S&P cuts Coinmach, rates notes CCC+

Standard & Poor's said it lowered its ratings on Coinmach Corp., including its corporate credit rating to B from B+. At the same time, all the ratings were removed from CreditWatch where they were initially placed April 13.

In addition, S&P assigned its B corporate credit rating to Coinmach's parent company, Coinmach Service Corp. and assigned its CCC+ rating to its $132.6 million senior secured notes due 2024. The outlook is negative

The ratings reflect Coinmach's highly leveraged financial profile and its significant cash flow requirements to fund capital expenditures and expected dividends, according to S&P.

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