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S&P lowers Monitronics
S&P said it lowered Monitronics International Inc.'s issuer credit rating to SD from CC.
The agency also said it lowered the rating on the company's unsecured notes to D from C and affirmed the CC issue-level rating on the company's $1.1 billion first-lien term loan due 2022.
On April 1, Monitronics elected not to make a $26.7 million interest payment on its $585 million 9 1/8% unsecured notes due 2020 as it continues to evaluate its restructuring alternatives.
S&P said it believes the company's decision to miss its interest payment is strategic given its efforts to negotiate with lenders to restructure the balance sheet.
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