S&P lowers Deliver Buyer

S&P said it lowered the ratings for Deliver Buyer Inc. and its first-lien credit facility to B- from B with an unchanged recovery rating of 3.

The downgrade reflects Deliver Buyer’s weaker-than-expected operating performance in the first half of 2019, which caused its revenue to decline by 15.3% relative to management’s plan. The company’s weak performance also increased its S&P-adjusted leverage to the high-7x area, which is above S&P’s previous 7.5x downgrade threshold, the agency said.

The outlook is negative.

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