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S&P cuts Crackle
S&P said it downgraded Crackle Intermediate Corp. (SnapAV) and its secured term loan and revolving credit facility to B- from B; the recovery rating remains 3.
“The downgrade and negative outlook reflect 2019 leverage around 9x, higher than expected due to investments in growth that did not materialize, and our uncertainty about how severely the coming macroeconomic downturn will affect SnapAV's operating performance,” said S&P in a press release.
The outlook is negative.
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