S&P lowers LTR Intermediate/Liberty Tire

S&P said it lowered its issuer credit rating on LTR Intermediate Holdings Inc. (doing business as Liberty Tire Recycling) to B- from B.

At the same time, S&P cut the issue-level rating on the company’s senior secured debt to B- from B and revised the recovery rating to 4 from 3.

The outlook is negative.

“The negative outlook reflects the potential we will lower our rating in the next 12 months if LTR's performance deteriorates such that its pro forma debt leverage reaches unsustainable levels and it continues to generate negative FOCF, which would further constrain its liquidity,” S&P 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.