S&P lowers Spencer Spirit

S&P said it lowered its corporate credit rating on SSH Holdings Inc. d/b/a Spencer Spirit to B- from B and revised the outlook to negative from stable.

At the same time, S&P lowered the issue-level rating on the company's first-lien term loan facility to B- from B. The 3 recovery rating on the term loan facility is unchanged and reflects an expectation for moderate (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

“The rating action reflects the company's recent underperformance compared with our forecast, and our expectation that operating performance will continue to be soft over the next 12 months,” said credit analyst Andrew Bove in a news release.

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