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S&P cuts Pinnacle, debt; view stable
Standard & Poor's said it lowered the corporate credit rating on Pinnacle Operating Corp. to B- from B.
The outlook is stable.
The agency also lowered its issue-level rating on the company's first-lien secured debt to B from B+ and its rating on the second-lien debt to CCC from CCC+. The recovery rating on the company's first-lien debt remains 2 and the recovery rating on the second-lien debt remains 6.
"The stable rating outlook on Pinnacle Operating Corp. reflects our expectation that the company will maintain credit measures appropriate for the 'highly leveraged' financial risk profile for the next year, including FFO to debt of below 10% and debt to EBITDA of greater than 6x," S&P credit analyst Allison Czerepak said in a news release.
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