S&P cuts Casa Systems

S&P said it downgraded Casa Systems Inc. and its first-lien debt to B- from B. The 3 recovery rating is unchanged.

“The rating action reflects our views that Casa Systems will meaningfully underperform our prior fiscal 2019 base-case scenario, with S&P Global Ratings-adjusted EBITDA of -$2 million and FOCF of -$30 million,” said S&P in a press release.

The outlook is stable.

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