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S&P snips Mavenir Private
S&P said it lowered its ratings on Mavenir Private Holdings II Ltd. and its first-lien term loan to CCC from CCC+. The recovery rating remains 3, indicating meaningful (50%-70%; rounded estimate: 50%) recovery in default.
“U.S.-based network infrastructure provider Mavenir Private Holdings II Ltd.'s operating performance and financial performance has been weaker than our expectations, leading to significant free operating cash flow (FOCF) deficits. Absent unforeseen positive developments, we believe the company will face a liquidity shortfall within the next 12 months as we consider liquidity sources to be insufficient to cover its debt service obligations and cash flow deficits,” S&P said a statement.
The outlook is negative.
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