S&P trims Northwest Acquisitions

S&P said it downgraded Northwest Acquisitions ULC to D from CCC+ after the company’s subsidiary Dominion Diamond Mines ULC filed for protection under the Companies’ Creditors Arrangement Act.

“Dominion's intention to seek insolvency protection constitutes a default under Northwest's bond indenture,” the agency said in a press release.

S&P also lowered its issue-level ratings on Northwest's first-lien senior secured credit facility to D from B and second-lien senior secured notes to D from B-. The recovery ratings on the secured debt are unchanged.

“We expect to withdraw all of our ratings on the company after 30 days,” S&P said.

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