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S&P downgrades Winebow
S&P said it lowered the corporate credit rating on Winebow Holdings Inc. to B- from B.
The outlook is negative.
The agency also said it lowered the rating on the company's $230 million first-lien term loan due 2021 to B- from B.
The 3 recovery rating indicates 50% to 70% expected default recovery.
S&P also said it lowered the rating on the $130 million second-lien term loan due 2021 to CCC from CCC+. The 6 recovery rating indicates 0 to 10% expected default recovery.
The downgrades and negative outlook reflect an opinion that leverage will remain higher than originally anticipated over the next several quarters of fiscal 2018, S&P said.
The agency said it expects this to continue until the company restores positive free cash flow as it works through elevated inventory levels and cost-reduction efforts.
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