S&P downgrades Hoover Group

S&P said it lowered the corporate credit rating on Hoover Group Inc. to B- from B.

The outlook is stable.

At the same time, the agency lowered the issue-level ratings on the company's senior secured credit facility to B- from B. The recovery rating remains 3, indicating meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.

S&P said the downgrade reflects Hoover's operating performance that is weaker than expected following the 2016 merger with Ferguson Group and Catalyst & Chemical Containers Inc., as end markets including offshore and petrochemical and refining remain soft.

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