S&P snips SI Group

S&P said it lowered its ratings on SI Group (SK Mohawk Holdings Sarl) and its senior secured credit facilities to CCC+ from B- and on its senior unsecured debt to CCC. The 3 and 5 recovery ratings on the secured and unsecured debt, respectively, are unchanged.

SI’s performance was weaker than forecasted and had negative free operating cash flow in 2022. The agency noted the company’s reduced earnings, capital spending and sizeable borrowing costs and weaker leverage metrics.

In its base forecast, S&P said it sees SI’s debt to EBITDA staying above 8x in 2023.

The outlook is negative.

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