S&P cuts Dayton Superior, loan to CCC

S&P said it lowered Dayton Superior Corp.’s issuer credit rating to CCC from B-.

The outlook is negative.

At the same time, the agency downgraded the issue-level rating on Dayton's first-lien term loan to CCC from B-. The recovery rating is unchanged at 3, which indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

S&P said the downgrade reflects its expectation that Dayton could breach its maximum total debt leverage covenant under its term loan in the next 12 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.