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Published on 4/14/2020 in the Prospect News Distressed Debt Daily.

S&P cuts Drive Chassis

S&P said it lowered the ratings for Drive Chassis Holdco LLC and its second-lien term loan to B from B+. The 4 recovery rating (rounded estimate: 45%) is unchanged.

“We believe DCLI’s credit metrics will continue to be pressured in 2020 on lower demand for chassis rentals. Chassis are used for transporting shipping containers to and from marine ports and rail yards. We believe its performance will be constrained from the expected impact from the Covid-19 pandemic on U.S. economic activity and trade volumes,” said S&P in a press release.

The outlook is negative.


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