E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/25/2012 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

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.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.