S&P lowers High Liner Foods

S&P said it lowered its long-term issuer credit rating on High Liner Foods Inc. to B from B+. The outlook is negative.

At the same time, S&P lowered its issue-level rating on High Liner's senior secured term loan to B from B+. The 4 recovery rating on the term loan is unchanged and reflects an expectation of average (30%-50%; rounded estimate 40%) recovery in a default scenario.

“The downgrade and negative outlook reflect our view that the company will continue to underperform in its core frozen seafood business for the next 12-18 months due to both internal and external challenges,” S&P said in a news release.

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