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S&P trims StoneMor
S&P said it lowered its corporate credit rating on StoneMor Partners LP to CCC+ from B-. The outlook is negative.
At the same time, S&P lowered its rating on subsidiary StoneMor Operating LLC's senior secured debt to B from B+. The recovery rating on this debt remains 1, reflecting an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of payment default.
In addition, the agency lowered its rating on the subsidiary's senior unsecured debt to CCC+ from B-. The recovery rating on this debt remains 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default.
“We lowered the rating on StoneMor because the company is late on its SEC 10-K filings,” said S&P credit analyst Tulip Lim in a news release.
Additionally, operating performance has been weak because of attrition in its sales force. Lastly, “in our view, covenant cushion is still tight,” the agency said.
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