S&P lowers Werner FinCo

S&P said it lowered its issuer credit rating on Werner FinCo LP to B- from B, the issue-level ratings on its senior secured debt to B- from B and the senior unsecured notes to CCC from CCC+.

The outlook is negative.

“We expect that Itasca, Ill.-based Werner FinCo LP's revenues and margins are likely to be hurt by the pandemic Covid-19 outbreak and the recessionary macroeconomic environment,” S&P said in a news release.

Debt to EBITDA remained elevated over 8x at the end of quarter September 2019, due to lower-than-expected revenue growth and EBITDA margins (not publicly disclosed). S&P said it expects the adjusted leverage to remain above 8x, while EBITDA interest coverage to be closer to 1.5x, over the next 12 months, levels more in line with the B- rating.

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