S&P shifts WWEX UNI view to stable

S&P said it revised WWEX UNI Intermediate Holdings LLC’s outlook to stable from negative.

“We assume WWEX will sustain its improved profitability, benefitting credit metrics in the near term. The company reinforced its strategic focus on its higher-margin-generating small- and mid-sized business (SMB) customers and reduced costs to improve profitability in 2020, despite volume declines in all its business segments when the Covid-19 pandemic began. Volumes have continued to recover since second-quarter 2020,” S&P said in a press release.

The agency affirmed the B- ratings on WWEX and its first-lien term loan and revolving line of credit. The 3 recovery ratings remain unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in default.

S&P also affirmed the CCC and 6 (0%-10%; rounded estimate: 0%) recovery ratings on its second-lien term loan.

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