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S&P lowers SquareTwo
Standard & Poor’s said it lowered the long-term issuer credit rating on SquareTwo Financial Corp. to D from CCC.
The agency also said it lowered the ratings on the company’s senior second-lien notes to D from CCC- and removed the ratings from CreditWatch with negative implications, where they were placed in December.
The recovery rating remains at 5 indicating 10% to 30% expected default recovery.
The ratings follow news that SquareTwo will not make its scheduled April 1 interest payment on the $290 million second-lien senior secured notes due April 2017, S&P said.
Not only is the company expected to default on the second-lien notes, the agency said it also is uncertain whether the company will be able to avoid a general default on its obligations.
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