S&P cuts WASH Multifamily

S&P said it lowered the ratings on WASH Multifamily Acquisition Inc. and its first-lien credit facility to B- from B and the company’s second-lien credit facility to CCC+ from B-.

The 3 recovery rating on the first-lien debt and 5 recovery rating on the second-lien debt remain unchanged.

“The downgrade reflects our view that WASH will generate weak credit metrics over the next 12 to 24 months, potentially improving at times as EBITDA grows, but cash flow will be used to support fixed asset and working capital investments,” said S&P in a press release.

The outlook is stable.

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