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S&P cuts Aretec Group
S&P said it downgraded the ratings on Aretec Group Inc. and its first-lien debt to B- from B and on the second-lien debt to CCC from CCC+.
“The downgrade reflects our expectation Aretec's profitability and debt-service capacity will weaken as a result of the current environment,” said S&P in a press release.
“We expect that the decrease in the fed funds rate will have an outsized impact on Aretec's profitability and debt-service capacity. The company had $919 million of first-lien debt and $190 million of second-lien debt at the end of March 2020,” the agency said.
The outlook is stable.
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