| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Harlan Laboratories, Inc > News item |
S&P lowers Harlan, loan to CCC
Standard & Poor's said it lowered its corporate credit rating on Harlan Laboratories Inc. to CCC from CCC+.
The outlook remains negative.
The agency lowered the rating on the company's senior secured credit facility to CCC (the same as the corporate credit rating) from CCC+. The 3 recovery rating on the company's senior secured credit facilities remains unchanged, reflecting an expectation for meaningful (50%-70%) recovery in the event of payment default.
"Our rating action on Harlan reflects our view that it is increasingly unlikely that the company will be able to execute a debt refinancing prior to the July 2014 term loan maturity because of its current operating performance. On a year-to-date basis, Harlan has experienced double-digit revenue contraction, which is meaningfully weaker than the low-single-digit revenue declines we previously expected," S&P credit analyst Shannan Murphy said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.