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S&P sinks High Ridge Brands
S&P said it downgraded the rating on High Ridge Brands Co.’s $250 million senior unsecured notes to D from C and cut the rating on its parent CDR HRB Holdings Inc., to D from CCC-.
High Ridge entered forbearance agreements with most of its debtholders before skipping the interest payment on its $250 million 8.875% senior unsecured notes due March 2025, and the principal and interest payments due on its unrated senior secured bank credit facility, S&P said.
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