S&P lowers ASM Global Parent

S&P said it lowered the issuer credit rating on ASM Global Parent Inc. by one notch to B from B+.

At the same time, the agency lowered the issue-level rating on the company's senior secured credit facility, which comprises a $96 million revolving credit facility and a $598 million outstanding first-lien term loan, by one notch to B+ from BB-.

S&P said the downgrades result from the extended disruption to the company’s live events business, which will cause its leverage to remain above S&P’s 6.5x downgrade threshold for the previous rating through 2021.

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