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S&P trims IRB Holding
S&P said it downgraded IRB Holding Corp. (Inspire Brands) to B from B+.
At the same time, the agency lowered the issue-level rating on its senior secured credit facilities to B from B+ and the issue-level rating on its senior unsecured notes to CCC+ from B- and are removed all of the ratings on the company from CreditWatch, where S&P placed them with negative implications on March 19.
The 3 recovery rating on the secured debt and 6 recovery rating on the unsecured debt remain unchanged.
The outlook is negative.
“The downgrade reflects Inspire's very high leverage due to the deterioration in its revenue stemming from the efforts to contain the spread of the coronavirus, including social distancing, and the related economic weakness,” S&P said in a news release.
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