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S&P lowers Doncasters, loans
S&P said it lowered its long-term corporate credit rating on Doncasters Group Ltd. to B- from B and lowered the issue-level rating on the company's first-lien secured term loan to B- from B.
The recovery rating is unchanged at 4, indicating an expectation for average (30%-50%; rounded estimate 35%) recovery in a default scenario.
The agency lowered the issue rating on the second-lien secured term loan to CCC from CCC+. The recovery rating is unchanged at 6, indicating a view of negligible recovery.
The outlook is stable.
“The downgrade reflects our view that Doncasters' credit metrics have worsened and will likely remain weak relative to those of similarly rated peers,” S&P said in a news release.
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