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S&P might cut Deluxe Entertainment
S&P said it placed all of its ratings on Deluxe Entertainment Services Group Inc. on CreditWatch with negative implications.
The agency said the CreditWatch negative placement reflects Deluxe's weaker than expected operating performance in the first half of 2018, which required its owner MacAndrews & Forbes to provide it with an equity cure for its consolidated total net leverage covenant in the most recent quarter ended June 30.
“We forecast that the company will likely require another cure in the next quarter (ending Sept. 30, 2018) and an additional cure when the covenant steps down in the first quarter of 2019,” S&P said in a news release.
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