S&P lowers CFS Brands

S&P said it lowered the ratings for CFS Brands LLC and its first-lien term loan to B- from B.

Government restrictions to prevent the spread of the coronavirus are leading to a growing number of event cancellations and closures of restaurants, schools and other institutions.

“We believe foodservice equipment distributors will suffer significant near-term revenue and profit losses because of their reliance on these sectors,” said S&P in a press release.

The outlook is negative.

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