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S&P cuts Strategic Materials
S&P said it downgraded Strategic Materials Holding Corp. to CCC+ from B, citing cash flow deficits and liquidity constraints.
“SMI's sales volumes continue to be weaker than expected due to declining demand for glass containers in North America, sluggish housing starts in the U.S., and the negative effect of abnormal weather conditions on the agricultural industry,” said S&P in a news release.
The agency also cut the rating on the first-lien credit facilities to CCC+ from B and the issue rating on the second-lien term loan to CCC- from CCC+. The recovery ratings are unchanged.
The outlook is negative.
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