S&P rates Cunningham Lindsey CCR B

Standard & Poor's said it revised its outlook on Cunningham Lindsey U.S. Inc. to negative from stable and affirmed the B long-term corporate credit rating.

The agency also affirmed all issue ratings, including the B rating and 3 recovery rating on the first-lien credit facility, and B- rating and 5 recovery rating on the second-lien facility.

In addition, S&P assigned its B long-term corporate credit rating to CL Intermediate Holdings I BV (Cunningham Lindsey), the parent company where the audited financial statements reside. Cunningham Lindsey U.S. is an operating subsidiary that the agency views as core to the parent CL Intermediate; hence, the ratings are linked.

"The negative outlook reflects the continued decline in Cunningham's operating performance relative to our expectations, resulting in significantly weakened credit protection measures," S&P credit analyst Julie Herman said in a news release.

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