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S&P changes SK HoldCo view
S&P said it revised the outlook on SK HoldCo LLC to negative from stable and affirmed the B- corporate credit rating.
At the same time, the agency affirmed the B issue-level rating on the company's senior secured debt. The 2 recovery rating is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default.
Additionally, S&P affirmed the CCC issue-level rating on SK HoldCo's senior notes. The 6 recovery rating is unchanged, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%).
“The outlook revision to negative from stable reflects a 1-in-3 probability that SK's credit metrics will continue to be weaker than our expectations over the next 12 months,” the agency said in a news release.
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