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S&P sinks Al Mistral Holdco rating
S&P said it downgraded Al Mistral Holdco Ltd.’s rating to B- from B, citing weak performance.
The agency also cut the issue rating on the first-lien debt facilities to B- from B and on the second-lien facility to CCC from CCC+. The recovery ratings remain unchanged at 3 and 6, respectively.
“Our revised revenue and EBITDA forecasts result in weaker credit metrics in the next 12-18 months. We now expect S&P Global Ratings-adjusted funds from operations (FFO) cash interest coverage to be around 1.3x and adjusted debt to EBITDA to be around 9.5x for 2019. These are below our expectations for a B rating,” said S&P in a news release.
The outlook is stable.
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