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S&P cuts Doncasters, loans
S&P said it lowered to CCC+ from B- its long-term issuer credit rating on Doncasters Group Ltd.
The outlook is negative.
The agency also lowered the issue-level rating on the company's first-lien secured term loan to CCC+ from B-. The recovery rating is unchanged at 4, indicating an expectation of average (30%-50%; rounded estimate 45%) recovery in a default scenario.
S&P lowered the issue rating on the second-lien secured term loan to CCC- from CCC. The recovery rating is unchanged at 6, indicating negligible recovery in a default scenario.
“The downgrade indicates that Doncasters could find it difficult to refinance its first-lien and second-lien term loans, given its weakened operating performance,” the agency said in a news release.
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