S&P cuts CSM Bakery Solutions

S&P said it downgraded CSM Bakery Solutions LLC's issuer credit rating to CCC from CCC+ because the company may not be able to refinance its capital structure and may default in the next 12 months.

The ratings agency also lowered its issue-level ratings on the company’s first-lien term loan to CCC+ from B- and second-lien term loan to CC from CCC-. The 2 and 6 recovery ratings of those loans were unchanged.

The outlook is negative, reflecting the possibility that the rating will be lowered further if a default event is deemed inevitable within six months, S&P said 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.