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S&P lowers ASP MCS Acquisition to B-
S&P said it lowered its issuer credit rating on ASP MCS Acquisition Corp. to B- from B. The outlook is stable.
At the same time, the agency lowered the issue-level rating on the company's first-lien debt to B- from B. The recovery rating remains 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default.
“The downgrade reflects our view of MCS' high adjusted leverage (projected above 7.5x for the next 12 months), recent customer losses, and modest margin deterioration,” S&P said in a news release.
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