S&P cuts Goodman Networks

Standard & Poor’s said it lowered its corporate credit rating on Goodman Networks to B- from B. The outlook is stable.

At the same time, the agency lowered the issue-level rating on the company’s senior secured notes to B- from B. The recovery rating remains 4, indicating an expectation for average (30%-50%; higher end of the range) recovery in the event of a default.

“The downgrade reflects our view that Goodman will be challenged to meaningfully improve its operating and financial performance in 2015,” said S&P credit analyst Scott Tan in a news release.

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