S&P cuts One Call, rates facilities CCC+

S&P said it lowered its long-term issuer credit rating on One Call Corp. to CCC+ from B-. The outlook is stable.

The agency also lowered the debt ratings on the company's first-lien senior secured term loan, first-lien notes and senior secured revolvers to CCC+ from B-. The recovery rating is unchanged at 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

In addition, S&P lowered the debt rating on the company's second-lien term loan and unsecured notes to CCC- from CCC. The recovery rating is unchanged at 6, indicating negligible (0%-10%; rounded estimate: 0%) recovery.

The agency also assigned a CCC+ debt rating and 3 recovery rating (50%-70%; rounded estimate: 65%) to the company's proposed amended and extended $998 billion term loan and $56.6 million revolving credit facility due 2022.

“The downgrade reflects continued deterioration in One Call's credit-protection measures in 2017 relative to our expectations, and our view that 2018 credit measures will continue to worsen,” S&P said in a news release.

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