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S&P downgrades Sitel
Standard & Poor’s said it lowered its corporate credit rating on Sitel Worldwide Corp. to B- from B. The outlook is negative.
S&P also lowered the issue-level rating on the company’s senior secured credit facilities to B-. The recovery rating on this debt is unchanged at 3 and indicates an expectation of meaningful (50% to 70%) recovery in the event of payment default.
Additionally, S&P lowered the issue-level rating on the company’s senior unsecured notes to CCC+. The recovery rating on the notes is 5 and indicates an expectation of modest (10% to 15%) recovery in the event of a payment default.
“The downgrade is based on our expectation that the company’s currently weak operating results will result in a continuation of less-than-adequate covenant headroom and negative unadjusted free cash flow over the coming year,” said S&P credit analyst James Thomas in a news release.
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