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S&P downgrades Zep, debt
S&P said it lowered its corporate credit rating on Zep Inc. to CCC+ from B-.
The outlook is stable.
At the same time, the agency lowered its issue-level rating on the company's first-lien debt to CCC+ from B-. The recovery rating remains 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of payment default.
The agency also lowered its issue-level ratings on the company's second-lien debt to CCC- from CCC. The recovery rating remains 6, indicating an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default.
“Zep Inc.'s operating performance has been weaker than our expectations for the first half of fiscal 2018, resulting in debt leverage that is higher than we anticipated,” S&P said in a news release.
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