S&P downgrades Sprint Industrial

S&P said it downgrade the issuer credit rating on Sprint Industrial Holdings LLC by one notch to CCC- from CCC.

The agency also downgraded the issue-level ratings on the company's first-lien credit facilities to CCC from CCC+ and its second-lien debt to C from CC.

The downgrade reflects an expectation that Sprint Industrial will likely undertake a debt restructuring classified as distressed over the next six months, S&P explained.

The company is highly unlikely to refinance its first-lien credit facilities at par before maturity, the agency said.

The revolving credit facility and first-lien term loan mature in February 2019 and May 2019, respectively, S&P noted.

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