S&P downgrades Curo Group on Chapter 11

S&P said it downgraded Curo Group Holdings Corp.’s issuer rating to D from SD, Selective Default, citing the company’s Monday filing for Chapter 11 bankruptcy protection. The D issue ratings on the company's 1.5-lien and junior notes are unchanged.

The bankruptcy constituted a default on the company’s senior secured term loan with $178 million outstanding), senior 1.5-lien secured notes with $682 million outstanding, and junior second-lien notes with $318 million outstanding. The notes will be canceled under the terms of Curo’s restructuring support agreement.

At Curo’s request, S&P withdrew its ratings.

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