S&P puts ASG Parent on watch

S&P said it placed ASG Parent LLC’s ratings, including its B issuer rating on CreditWatch with negative implications.

“The CreditWatch placement reflects the heightened risk that ASG will be unable to refinance its debt capital structure on satisfactory terms because of currently weak market conditions. The company's $690 million senior secured first-lien term loan ($550 million outstanding) matures in August 2023, becoming current in about three months. In addition, its $60 million senior secured revolving credit facility expires in August 2022. There was $45 million outstanding under the revolver as of March 31, but we expect the company to pay down most of the borrowings during the second quarter with seasonal working capital inflows,” the agency said in a press release.

The CreditWatch reflects the possibility of a lower rating if ASG is unable to refinance its term loan and revolver on satisfactory terms over the next few months, S&P said.

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