S&P trims Stericycle debt

S&P said it lowered Stericycle Inc.’s senior unsecured debt rating to BB- from BB and revised the recovery rating to 5 from 3 following a credit facility amendment.

“In conjunction with the release of its full-year 2019 earnings, Stericycle Inc. disclosed that it has amended its credit facilities for the fifth time to provide it with additional headroom under its financial covenants and also to activate a first-priority security interest for its credit facility lenders,” the agency said in a news release.

The agency affirmed the BB issuer credit rating on Stericycle.

“Because Stericycle's credit facilities accounted for a significant proportion of its debt capital structure, we believe the recent amendment has reduced the recovery prospects for its unsecured noteholders,” the agency said in a news release.

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