S&P downgrades Shift4 Payments

S&P said it lowered its issuer credit rating on Shift4 Payments LLC to B- from B. The outlook is negative.

S&P also lowered the issue-level rating on the company's secured term loan and revolving credit facility to B from B+; the recovery rating remains 2. And S&P lowered the issue-level rating on the second-lien term loan to CCC from CCC+; the recovery rating remains 6.

“The downgrade reflects our view that a sharp reduction in consumer discretionary spending from stay-at-home measures in response to the Covid-19 pandemic will severely reduce Shift4's revenue and EBITDA, steeply raising leverage over the coming year,” S&P said in a news 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.