S&P cuts Securus Technologies

S&P said it downgraded Securus Technologies Holdings Inc. to B- from B because of weak credit metrics stemming from the core business.

The outlook is stable.

“The downgrade on Securus Technologies Holdings Inc. reflects weaker-than-expected earnings due to recent cost overruns that, when combined with higher-than-expected capital expenditures, result in forecast negative free operating cash flow (FCOF) in 2019 compared with previous expectations of positive cash generation of about $100 million,” S&P said in a news release.

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