S&P downgrades Hunter Fan

Standard & Poor's said it lowered its ratings on Hunter Fan Co., including its corporate credit rating to B- from B.

The outlook is negative.

S&P said it lowered the issue-level ratings on Hunter Fan's first-lien term loan to B from B+. The recovery rating on this debt remains 2, indicating that S&P believes lenders can expect significant recovery (70%-90%) in the event of a payment default.

S&P lowered the issue-level rating on the company's second-lien term loan to CCC from CCC+. The recovery rating on this debt remains 6, indicating that lenders can expect negligible (0%-10%) recovery in the event of a payment default.

"The ratings on Hunter Fan Co. reflect its leveraged capital structure, exposure to the weak housing market, narrow product focus, small size, and customer concentration," said S&P credit analyst Rick Joy 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.