S&P cuts Cooper’s Hawk

S&P said it lowered the issuer credit rating on Cooper's Hawk Intermediate Holding LLC to CCC+ from B- and lowered the issue-level rating on the company’s first-lien debt to CCC+ from B-. The recovery rating remains 3.

The outlook is negative.

Cooper's Hawk’s weak credit metrics and sustained cash flow deficits are constraining liquidity and financial flexibility, S&P said.

“We project S&P Global Ratings-adjusted leverage of around 10x in 2023 as well as ongoing negative free operating cash flow that will require the company to fully utilize its revolving credit facility. In our view, this leaves Cooper's Hawk more vulnerable to business, economic, and financial conditions to meet its financial commitments,” S&P said in a news release.

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