S&P changes Reddy Ice view

S&P said it affirmed the CCC+ corporate credit rating on Reddy Ice Holdings Inc. and revised the outlook to negative from stable.

At the same time, the agency affirmed the B- issue-level rating on the company's first-lien credit facility, consisting of a $50 million dollar revolver and $225 million term loan, which begins to mature in April 2019.

The recovery rating remains 2, indicating expectations for a substantial (70%-90%; rounded estimate: 75%) recovery in the event of payment default.

S&P said the outlook revision reflects the risk that Reddy Ice may have difficulty refinancing its entire capital structure which matures in 2019, especially given its soft performance thus far in 2017.

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