Fitch pares P&L Development

Fitch Ratings said it downgraded the long-term issuer default ratings of P&L Development Holdings, LLC (PLD) and P&L Development, LLC to CCC from CCC+. The agency also trimmed P&L Development LLC's and PLD Finance Corp.'s secured notes ratings to CCC-/RR5 from CCC/RR5.

“While Fitch acknowledges PLD's improving operating profile as economic headwinds moderate and new contract wins support growth, the downgrades reflect Fitch's view that the window to address significant debt maturities in 2025 is closing. Given expectations of stressed FCF and elevated leverage, the extension of the maturities will be challenging for the company despite expected operating improvements,” the agency said in a press release.

© 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.