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S&P trims SBP Holding view to negative
S&P said it affirmed its CCC+ corporate credit rating on SBP Holding LP and revised the outlook to negative from stable.
The CCC+ issue-level rating on the company's first-lien term loan and CCC- rating on its second-lien term loan are unchanged.
The recovery rating on the first-lien loan remains 3, indicating an expectation of meaningful (50% to 70%; rounded estimate 65%) recovery in the event of a payment default. The recovery rating on the second-lien term loan remains 6, indicating an expectation of negligible (0% to 10%) recovery in the event of a payment default.
“The negative outlook reflects our revised assessment of liquidity to less than adequate,” said S&P credit analyst Michael Tsai in a news release.
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