S&P lowers Hoover view to negative

S&P said it revised the outlook on Hoover Group Inc. to negative from stable and affirmed its B corporate credit rating on the company.

The agency also said it reviewed the recovery and issue-level ratings on the company's senior secured credit facility, which consists of a $30 million revolver due in 2020 and $225 million term loan due in 2021.

These ratings were considered under criteria observation (UCO) after the agency published the revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency affirmed the company’s issue-level and recovery ratings.

The negative outlook reflects an expectation that Hoover's leverage will remain at higher than 6x through 2017 as a result of continued weakness in its oil and gas end markets, S&P said.

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