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S&P cuts Deck Chassis
S&P said it lowered our issuer credit rating on Deck Chassis Acquisition Inc. to B+ from BB-. The outlook is stable.
Deck Chassis Acquisition is the parent of Direct ChassisLink Inc.
S&P also lowered the issue-level rating on the company's senior secured term loan and senior secured notes to B+ from BB-. The 3 recovery rating is unchanged, but S&P’s rounded recovery estimate declined to 55% from 65% due to a higher revolver usage assumption of approximately 70% at default, based on recent usage, compared to a previous assumption of approximately 65%.
“The downgrade reflects our expectation that DCLI's credit metrics will be below our previous base-case forecast through 2019,” S&P said in a news release.
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