| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Merrill Corp. > News item |
S&P cuts Merrill, loans
Standard & Poor's said it lowered its corporate credit rating on Merrill Corp. to D from CCC-.
The agency said it reinstated then subsequently lowered its issue-level ratings on the first-lien term loan due 2012 and revolving credit facility due 2012 to D from CCC with a recovery rating of 2.
The agency also lowered the second-lien term loan due 2014 to D from C, with a recovery rating of 6.
"The downgrade reflects Merrill's failure to refinance or pay off its $374 million first-lien term loan and $33 million drawn revolver prior to its Dec. 22, 2012 maturity," said S&P credit analyst Chris Valentine in a news release.
The second lien is also in technical default because of the cross default provision in the credit agreement. The agency said it should have lowered the ratings following the missed payment.
© 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.