S&P cuts FTS loan

Standard & Poor's said it affirmed its B corporate credit rating on FTS International Services LLC. The outlook is negative.

At the same time, the agency said it lowered the issue-level rating on the term loan held at parent company FTS International Inc. to B- from B on a lower assumed valuation in S&P's recovery analysis. The recovery rating on this loan is 5.

Additionally, the agency said it affirmed the BB- issue-level rating on the company's existing $550 million senior notes due 2018. The recovery rating on these notes is 1,

"The ratings on FTS reflect our view of the company's 'weak' business risk, 'highly leveraged' financial risk and 'adequate' liquidity," said S&P credit analyst Carin Dehne-Kiley in a news release.

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