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S&P snips BBB Industries
S&P said it downgraded GC EOS Buyer Inc. (BBB Industries) and its first-lien term loan to CCC+ from B-. The agency also lowered the second-lien term loan to CCC- from CCC.
“The downgrade reflects our view that BBB Industries' operating prospects have substantially worsened due to the coronavirus pandemic, which follows a weak 2019. While revenues increased significantly and margins were better than 2018, the company still had highly negative free cash flow,” the agency said in a press release.
The outlook is negative.
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