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S&P cuts Granite U.S.
S&P said it downgraded the ratings for Granite U.S. Holdings Corp. and its senior secured first-lien facilities to CCC+ from B and the rating on its unsecured debt to CCC from B-.
“We believe severely weakening macroeconomic conditions stemming from Covid-19 will likely drive much lower demand for Granite U.S. Holding Corp.'s end markets in the near term. Therefore, we believe leverage could increase materially to the point where the covenant compliance could become an issue,” said S&P in a press release.
The outlook is negative.
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