S&P trims Confie Seguros

S&P said it lowered its issuer credit rating on Confie Seguros Holding II Co. to CCC from CCC+; the ratings remain on CreditWatch with developing implications, where S&P placed them on May 18.

At the same time, S&P lowered its issue-level rating on the company's first-lien facility to CCC+ from B- and second-lien facility to CC from CCC-, reflecting the issuer downgrade. S&P also affirmed the 2 recovery rating on the first lien, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in a payment default scenario, and a 6 recovery rating on the second lien, indicating a negligible (0%-10%; rounded estimate: 0%) recovery.

“The downgrade primarily reflects Confie's refinancing risk stemming from its significant debt maturities over the next three and nine months, as well as continued covenant tightness and elevated leverage,” S&P said in a news release.

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