S&P lowers CHG PPC

S&P said it downgraded its ratings for CHG PPC Intermediate II LLC and the company’s senior secured debt to B- from B. The recovery rating remains 3, indicating an estimate of a meaningful recovery.

“We are downgrading the company due to at least double-digit declines in foodservice revenues and EBITDA margins, resulting in elevated leverage. The company generates roughly 70% of its revenues through foodservice channels, which are currently suffering from restaurant closures across both North America and Europe due to the spread of the coronavirus,” said S&P in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.