S&P ups Cirsa PIK notes

S&P said it upgraded Cirsa Enterprises’ $400 million in senior secured payment-in-kind notes to CCC from D. The notes were issued by LHMC Finco 2.

The upgrade reflects S&P’s view that it does not envisage any more distressed purchases in the short to medium term, the agency said.

Also, S&P affirmed its B- ratings on Cirsa and its senior secured debt. The agency removed the issuer rating from CreditWatch with negative implications, where it was placed on Aug. 20.

S&P said it assigned a negative outlook, reflecting the possibility of a downgrade within the next 12 months if Cirsa fails to demonstrate a swift return to normalized operations that would underpin a substantial improvement in financial performance and credit metrics.

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