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S&P downgrades McDermott
Standard & Poor’s said it lowered the corporate credit rating on McDermott International Inc. to B+ from BB-.
The outlook is stable.
The agency also said it lowered the ratings on the company’s $400 million senior secured LOC facility and $300 million senior secured first-lien term loan to BB from BB+.
The recovery ratings on the first-lien facilities remains at 1, indicating 90% to 100% expected default recovery.
S&P also said it lowered the rating on the company’s $500 million second-lien notes to BB- from BB. The recovery rating on the notes remains at 2, indicating 70% to 90% expected default recovery.
The downgrades reflect a view that a rebound in McDermott’s operating cash flows and decline in debt leverage to below 4x will likely take longer than previously anticipated, S&P said.
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