S&P drops Synagro to D

Standard & Poor's said it lowered its corporate credit rating on Synagro Technologies Inc. to D from CCC-.

S&P reinstated, then subsequently lowered its issue-level ratings on the $100 million first-lien revolving facility due September 2013 to D from CCC- with a recovery rating of 4. S&P lowered the issue-level rating on the company's $290 million first-lien term loan due April 2014 to D from CCC- with a recovery rating of 4.

S&P also lowered the issue-level rating on the $150 million second-lien term loan to D from C with a recovery rating of 6.

The rating actions follow the company's announcement that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Synagro, which is a portfolio company of Carlyle Group LP, has agreed to sell substantially all of its assets to EQT Infrastructure II, an investment fund of private equity group EQT Partners, for $455 million.

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