S&P changes Contanda view to negative

S&P said it revised the outlook on Contanda LLC to negative from stable and affirmed the B issuer credit rating.

At the same time, the agency affirmed the B issue rating on Contanda's senior secured debt. The recovery rating remains 3, indicating an expectation of meaningful recovery.

“The negative outlook primarily reflects our updated view of Contanda LLC's heightened refinance risk and general lack of liquidity in light of its approaching term loan B maturity in February 2020,” S&P said in a news release.

“The increased refinance risk could lead to a lower rating (of one or more notches) over the next six months in the absence of a credible plan to refinance or repay its lenders upon the maturity.”

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