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S&P trims API Holdings III
S&P said it lowered its issuer credit and first-lien debt ratings on API Holdings III Corp., a components and subsystems manufacturer, to B- from B.
The 3 recovery rating (rounded estimate: 60%) on the first-lien debt is unchanged.
The outlook is stable.
“API Holdings III Corp.'s credit measures are likely to be weaker than we had previously expected because of operational inefficiencies resulting in slow fulfillment of orders and ultimately lower revenue and earnings,” S&P said in a news release.
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