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S&P drops Synagro to CCC+
Standard & Poor's said it lowered the corporate credit rating on Synagro Technologies Inc. to CCC+ from B-, its $390 million senior secured first-lien facilities to CCC+ from B+ with recovery rating revised to 3 from 1 and its $150 million second-lien term loan to CCC- from CCC+ revised the recovery rating to 6 from 5.
The outlook is negative.
The downgrade reflects Synagro's tightened liquidity position as covenant step downs and weaker operating results are likely to constrain the company's ability to borrow on its revolving credit facility without violating financial covenants in its credit agreement, according to the agency.
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