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S&P trims SK HoldCo
S&P said it lowered its rating on SK HoldCo LLC (Service King) to CCC+ from B-, as well as the ratings on its senior secured debt to B- from B and its senior unsecured notes to CCC-from CCC.
“The downgrade reflects Service King's increased refinancing risk due to tough credit market conditions, recently weaker operating performance, and potentially weaker revenues due to the spread of Covid-19. Even before the coronavirus pandemic emerged, Service King had been experiencing operating issues that caused margin erosion and weak same-store sales,” said S&P in a press release.
The outlook is negative.
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