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S&P cuts Interface Security, notes
Standard & Poor's lowered its corporate credit rating on Interface Security Systems Holdings Inc. to CCC+ from B-. The outlook is negative.
At the same time, S&P lowered its issue-level rating on the company's $230 million senior secured notes due 2018 to CCC+ from B-. The recovery rating remains 4, indicating that lenders could expect average (30% to 50%; in the upper half of the range) recovery in the event of a payment default.
S&P also lowered its issue-level rating on Interface Master Holdings Inc.'s $115 million senior unsecured notes due 2018 to CCC- from CCC. The recovery rating remains 6, indicating that lenders could expect negligible (0% to 10%) recovery in the event of a payment default.
“The downgrade reflects Interface's continued use of cash to roll out new commercial alarm monitoring and network services contracts,” said S&P credit analyst Kenneth Fleming in a news release.
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