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S&P lowers SuperMoose
S&P said it downgraded SuperMoose NewCo Inc. (CentralSquare Technologies) to CCC+ from B- and lowered the rating on the company's first-lien secured debt to B- from B; the recovery rating remains 2. The agency also lowered the issue-level rating on the company's second-lien secured debt to CCC- from CCC. The recovery rating remains 6.
“The downgrade and negative outlook reflect a worsening macroeconomic environment that we expect to hurt CentralSquare's operating performance despite high recurring and backlogged revenue, combined with expectations for high leverage around 11x and only modestly positive free operating cash flow (FOCF). Liquidity has fallen below expectations with roughly $25 million cash and $50 million of capacity under the company's revolving credit facility (we previously expected more capacity),” said S&P in a press release.
The outlook is negative.
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