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S&P drops Triumph notes, rating off watch
S&P said it downgraded the rating on Triumph Group Inc.’s unsecured debt to CCC from CCC+ and revised the recovery rating to 6 from 5.
The agency removed the rating from CreditWatch, where it was placed with negative implications on Sept. 9.
The downgrade follows Triumph’s refinancing of $375 million of unsecured notes due in 2021 and revolver borrowings with the proceeds from $525 million of secured second-lien notes. The higher secured debt reduces recovery prospects for the remaining unsecured notes.
S&P said it boosted the issue-level rating on the second-lien notes to B+ from B and revised the recovery rating to 1 from 2. Triumph extended its revolver’s maturity to 2024 from 2021, but only $406 million of commitments were extended, resulting in less first-lien debt ahead of the second-lien notes.
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