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S&P cuts Synagro, loans
Standard & Poor's said it lowered its ratings on Synagro Technologies Inc. by one notch to CCC+ from B-. The outlook is negative.
The agency said it lowered the issue-level ratings on Synagro's first-lien facilities to CCC+ from B-. The recovery rating on this debt is 4.
The agency said it also lowered the issue-level rating on the company's second-lien term loan to CCC- from CCC. The recovery rating on this debt is 6.
"The downgrade on Synagro reflects the company's 'highly leveraged' financial risk profile and 'weak' liquidity, as the headroom under the total leverage covenant has become very thin and availability under the revolving facility has become limited," said S&P credit analyst James Siahaan in a news release.
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