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S&P lowers Spencer Spirit
S&P said it lowered the corporate credit rating on SSH Holdings Inc., which does business as Spencer Spirit, to CCC+ from B-.
The outlook is negative.
The agency also said it lowered the rating on the company's first-lien term loan facility to CCC+ from B-. The 3 recovery rating on the term loan facility is unchanged and indicates 50% to 70% expected default recovery.
The downgrades reflect the company's recent weak operating performance, combined with a view of an increasingly challenged retail environment, S&P said.
This will continue to pressure profitability and cash flow, the agency said.
The negative outlook reflects an expectation that operating performance will continue to be soft over the next 12 months, S&P said.
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