S&P trims Cunningham Lindsey

S&P said it lowered its long-term corporate credit rating on Cunningham Lindsey U.S. Inc. and CL Intermediate Holdings I BV to B- from B. The outlook is stable.

Concurrently, S&P lowered its debt ratings on the company's $510 million first-lien senior secured term loan due December 2019 and its $100 million revolving credit facility due January 2019 to B- from B. The recovery rating on these facilities is unchanged at 3, indicating an expectation for meaningful (50%) recovery in the event of a payment default.

In addition, S&P lowered its debt rating on the company's $110 million second-lien term loan due June 2020 to CCC+ from B-. The recovery rating is unchanged at 5, indicating an expectation for negligible (15%) recovery in the event of payment default.

“The rating action reflects our expectation for tighter covenant headroom than we originally anticipated in 2017,” said S&P credit analyst Francesca Mannarino in a news release.

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