S&P changes SAI Global view

S&P said it revised its outlook to negative from stable on SAI Global Holdings I (Australia) Pty Ltd.

The agency also affirmed the long-term issuer credit rating on the company at B.

At the same time, S&P affirmed the issue ratings on the company's senior secured first-lien debt at B and on the second-lien debt at CCC+. The agency affirmed the recovery ratings at 3 and 6 on the first- and second-lien debt, respectively.

“We revised the outlook to negative to reflect increased uncertainty over SAI Global's deleveraging path,” the agency said in a news release.

“Cost-out delays, an expanded sales and marketing function, and softer trading conditions have weakened SAI Global's operating performance compared with our expectations.”

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