S&P flips Triton UK outlook to negative

S&P said it revised its outlook for Triton UK Midco Ltd. to negative from positive but affirmed the B- issuer rating and B rating on its debt.

“Tough market conditions delayed the group's planned refinancing in line with the terms proposed at the beginning of the year, leading to reduced liquidity headroom driven by ongoing amortization requirements. The group deferred its proposed refinancing transaction in February 2022. Since then, challenging market conditions for high-yield issuers have made it difficult to launch the refinancing transaction at favorable terms,” the agency said in a press release.

S&P noted the group ended September 2022 with just $4.6 million of cash on the balance sheet and $22 million drawn under its $60 million revolver.

The negative outlook indicates a possible downgrade in the next 12 months if subsidiary Synamedia fails to limit the decline in group revenue and increase profitability, resulting in its free operating cash flow staying negative, or if it does not successfully refinance its 2024 debt maturities over the coming 12 months, S&P warned.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.